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MAKING A POINT

The next generation of

telematics technology

The following is an opinion article written by Mike Brockman, founder and CEO
of ThingCo looking at the rapid evolution of telematics tech, and the significant
opportunities it represents for the motor insurance market. The views expressed

within the article are not necessarily reflective of those of insurance business.

esigning a new car is a installation, maintenance and data cars, the retro-fitted solution will report
complex business. From collection varies between devices, as the data direct to the driver rather than
initial design to the first does data accuracy and reliability. to the vehicle computer. Intelligent
gleaming vehicle rolling Dash-cams are already growing in Voice can also be used to support the
Doff the production line, popularity but only recently has there ADAS, reinforce good behaviour and
the whole process takes a long time. Up been any progress in enabling insurers warn drivers in hazardous situations.
to four years, to be precise – practically to have access to this data to support Benefits across the board
a century when you consider the claims. So, if you have a dash-cam don’t
speed of light at which connected car always expect this to be reflected in Next generation telematics devices
technologies, including advanced driver your insurance policy. will provide video evidence of incidents
assistance systems, are evolving. leading to claims. It will therefore play
ADAS (Advanced Driver Assistance a key role in helping the insurance
This means that in the time it takes Systems) is proven to reduce accidents industry tackle fraud, as well as
to get a new model on the road, the but as the technology tends to be in high improving the claims journey for both
technology it was built around has end, newer vehicles – claims costs are insurer and policyholder. The use of
already been superseded. higher for repair so, again, insurers have Intelligent Voice will also revolutionise
Let’s not also forget that the average been reluctant to reward drivers with the FNOL process, providing real
age of cars on the road today is around this tech through premium discounts. customer support in their hour of need.
eight years and therefore have none of the So, why not bring all this Plus of course, driver scoring will
tech becoming standard in new vehicles. technology into one retro-fitted be enhanced through more accurate
It makes sense then that serious research device? Wi-Fi, vehicle tracking, driver driver behaviour monitoring. This will
and investment is being made in retro- behaviour monitoring, risk mapping, enable drivers to reduce their own risk,
fitted technology exploiting so much of a high-definition camera, ADAS improving safety on our roads.
what we have learnt in making telematics capabilities with sensors looking The cost of technology is falling, and
work in the motor insurance market. forward to the road, and intelligent its capabilities are growing. Coupled
voice. One device with all of this tech
The aim is to improve driver safety, with the potential savings the latest
reduce claims costs and give motor mounted on the dashboard of any car devices can provide to insurance
manufacturers a greater understanding – not just the latest models. This has providers, ADAS-based telematics
of self-drive technology, opening the the potential to revolutionise the FNOL devices clearly are the future for the
process and completely change the
way for fully automated vehicles in telematics motor insurance market.
years to come. game for telematics insurance. With the ability to improve the claims
Current telematics devices report
Next step for Telematics data straight to the insurer, but the new journey, provide fairer premiums, create
safer drivers and ultimately save lives on
Currently, telematics insurance relies solutions using artificial intelligence the roads, it’s a future that will soon
on driver behaviour data collected would provide immediate feedback to be a reality. Consumers will see this as
directly from the vehicle, via installed the customer to help avert accidents real added value and for once may see
black boxes, on-board diagnostics before they happen. Unlike the same the purchase of insurance as a value for
and even smartphone apps. Cost of tech being installed in semi-autonomous money proposition.

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