It's challenging keeping your drivers loyal. Sometimes they see their annual premium as a tax on driving, and feel they get little back from their insurers in return. In today's on-demand economy, there are new technologies and models to need a way to cement customer loyalty, to reduce price sensitivity, churn rates, and meantime drive revenue up. Insurers also need more economies to control costs across their operations and reduce the dependency on investment income. More than ever, as part of the evolving mobility ecosystem, insurers not only participate in the disruptive changes taking place, but lead them.
IoT is key to making all of this happen. Insurance telematics can improve risk management, drive cost out of the claims process, enhance customer loyalty through creating opportunities for regular contact, and open up new possibilities for sales channels and revenue generating services in partnership with businesses from other sectors. The potential is revolutionary, and due to the cost savings and revenue improvements involved in many of the telematics applications, such projects can be self-funding.
You can now open new sales channels by working closely with OEMs and other businesses in the automotive ecosystem. The deployment of factory-fit telematics by automotive manufacturers presents insurers with the perfect opportunity. Here, we work with over 35 vehicle brands today and can support both insurers and automotive manufacturers to take advantage of new business models enabled by telematics.