Time for an acceleration in digital motor insurance
Drivers today feel little loyalty to their insurer. It’s easy to see why. Many see their annual premium as a tax on driving, and feel they get little back from their insurers in return. Insurers need a way to cement customer loyalty, to reduce price sensitivity and rates of churn and drive revenue up. Insurers also need to drive costs down across their operations, to bolster the bottom line and reduce the dependency on investment income.
The Internet of Things (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, open up new possibilities for sales channels and revenue generating services in partnership with businesses from other sectors. The potential is staggering, and due to the cost savings and revenue improvements involved in many of the telematics applications, such projects can be to some extent self-funding.
Motor insurance at the age of IoT will deliver value for everyone
Consumers want lower premiums and to feel safe on the road, and insurers to cover risks profitably. Insurance Telematics can help you do both, providing a better way to price coverage and offer services such as crash assistance and roadside recovery
Our insurance telematics services include:
- Driving behaviour and risk assessment tools
- Crash management & claims pre-opening
- eFNOL and real-time assistance
- Damage estimate
- Rewarding programme and co-marketing activities with insurance companies
- Security services, including theft alerting and tracking
- Convenience features, such as usage-based maintenance, and vehicle remote control.
Moreover, insurers can now open new sales channels working closely with OEMs and other businesses in the automotive ecosystem. The deployment of factory-fit telematics by automotive manufacturers present insurers with the perfect opportunity. At Vodafone we work with over 35 vehicle brands today and can support both insurers and automotive manufacturers take advantage of new business models enabled by telematics.
Our Unique Capabilities
Proven experience and unique capabilities
When you work with Vodafone you’re partnering with a provider that has proven IoT expertise, experience of deploying Usage Based Insurance (UBI) solutions and deep understanding of the motor insurance industry.
Vodafone Automotive can help you every step of the way, with our unique capabilities which include:
- In house hardware design and manufacture
- Global cellular networks
- A powerful software platform
- Mobile apps for your policyholders
- A complete managed service wrap, led round-the-clock by the highly trained agents in our secure operating centres.
We have built security in at every stage, meaning we can offer customers an unrivalled level of protection and privacy.
We can help you secure and get value from the telematics data you collect. We manage driving data for end to end for risk scoring and behaviour analysis. Our devices record GPS data on a per-second basis and accelerometer data at even higher frequency. This means that even the seconds before a crash can be reconstructed in detail. Furthermore, the collected data is analysed, and delivered to the service application in the form of risk scores and business insights.
At Vodafone Automotive we offer a complete solution that’s robust, flexible and delivers an enhanced customer experience.
We actively participate in driving industry discussions that are shaping the future of transportation, and take an active part in standardisation bodies such as ETSI, GSMA, ENISA, 3GPP. We are part of the test programme launched in Italy for the European eCall introduction.