PCIT PLUSNews and Updates in the Property & Casualty Insurance Industry – A KMG Initiative



New digital interventions appear to change driving habits. Mobile-based telematics that measures driving behaviours is now considered to be the future of safer roads.

These new technologies are not just helping people improve their driving habits, but even insurance companies are increasingly using the data to offer discounts to safe drivers.

The distracted driving record is nothing short of alarming. Insurance companies realize the need to take action and; hence, deploying technology to improve safety. Everyone in the auto ecosystem; be it car manufacturers, mobile app developers, device operators or insurance companies, are enhancing their tech game and putting efforts to reduce the number of accidents.

Mobile handsets take it a step further!

Mobile apps are being developed and used worldwide for safe driving, making drivers better and roads safer. These apps collect data to detect road types, speeding, driving smoothness, etc. Depending on these factors, drivers receive a score along with tips for improvement. These scores later help drivers get discounts on their auto insurance policies.

Telematics and Artificial intelligence (AI) benefits both insurers and customers!

Through usage-based insurance, companies are now incentivizing good driving habits. Once the insurers have access to real-time driving data, they can use it to monitor driving patterns, improve underwriting accuracy and determine the premium amount at the same time.

If there is an accident, the real-time vehicle diagnostics can be invaluable during the first notice of loss (FNOL) and help determine damages. As AI starts to come into play, the claims process can enjoy more efficiency and accuracy. Moreover, AI can speed the claims process resulting in faster settlements, reduced claims costs and improved customer service.

Repairing the damage!

There is still a question in everyone’s mind, whether the technology will be able to win the war against distracted driving. When accidents happen, technologies are increasingly harnessed to help the driver and support the claims process. Through telematics, emergency road services can be automatically alerted after an accident and also enables FNOL filed and damage assessed.

Mobile inspection apps can help insured take photos and videos of the accident scene, thereby helping insurance companies get more accurate loss assessment, paving the way for faster claim processing.

Will this mean a safer future?

Distracted driving is a growing problem for insurance companies, and public awareness campaigns and stringent law enforcement are not enough to reduce the number of road accidents. New digital interventions are already having a positive impact on driving habits, reduce accidents and improve the auto claims process.

no comments

Leave a reply

Your email is never published nor shared. Required fields are marked *

You may use these HTML tags and attributes
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Read previous post:

The usage-based insurance (UBI) market is predicted to grow in the next five years. The increased number of vehicles embedded...