Insurance Telematics

 

At Prime Technology Group, we know that sometimes the key to safe driving isn’t -- and shouldn’t be -- self-monitoring . . . at least, not on its own.

This is where telematics car insurance steps in. Telematics services in insurance sectors enable wireless data communication on vehicles. Pioneering the concept of usage-based insurance (UBI), insurance telematics serves as the key to both safer driving and lower policy premiums. Prior to the widespread adoption of UBI, policy premiums for each plan relied on customer self-reports of total driven distances per month. However, UBI programs such as Xemplar enable auto insurers to offer their customers payment and pricing options based on an accurate assessment of their driving performance. In addition, our telematics application runs on a cloud-based server that offers a constant flow of (and 24/7 access to) all important driving data, right there on the customer’s mobile device. These capabilities give clients greater leverage over claims processes, but also allow insurers to verify the quality of these claims.

How Does It Work?

All of this sounds awesome. But how exactly does Xemplar’s mobile telematics insurance work? Let’s explore a bit more…

Big data

Once installed on both customer’s smart device and at the insurer’s end, Xemplar’s telematics application gathers hard driving data -- mapping out frequent routes, managing a fleet telematics system, and suggesting shortcuts for favorite destinations, applying geo-fencing, and even employing safe parameters for new and teen drivers, just to name a few.

As the system constructs a greater and more comprehensive understanding of your clients’ driving genome, the data enables the insurance company to make informed choices in order to accurately tailor insurance policies to the individual customer. Thus, Xemplar creates a meritocratic system based on cold, hard facts; basing insurance policies on experience and driving habits reduces discriminatory factors such as gender bias in crafting individualized plans.

The insurer’s rating engines work in tandem with back-office systems to make claims processing faster and more convenient than ever, helping you to reduce your operational costs and increase your profits. In order to ensure that you and your customers reach the maximum potential benefits from Xemplar, we have developed state-of-the-art data scoring, reporting, and capturing services that represent only the best aspects of the financial tech and insurance industries. To know in detail about this, we need to understand navigation from telematics.

Itching to learn more on how Xemplar’s enterprise telematics in insurance harnesses the latest technologies to work for you? Contact us to speak with a sales representative or receive a free quote today!