Unlock The Full Potential Of Connected Vehicle Data
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Our roads today are not as safe as they used to be, expressing the sheer importance of conceptualizing new and innovative ways to maximize safety for all users on the roads. A Reuters report based on NHTSA data suggests that while travel on US roads increased by 13% in the first half of 2021, traffic deaths rose by 18.4% in the same period, highest since 2006.

In this scenario, the auto insurance industry emerges as an unprecedented resolution to the issue of road safety. With nearly 20% customers adopting digital claims practices as per a study by JD Powers, and 65% of those intending to continue using telematics & digital tools according to a McKinsey & Co. report, usage-based insurance (UBI) space looks at becoming the next big thing in the auto world.

More Than Just Auto Insurance, Protecting Lives

Given the strong case for telematics-linked auto insurance, here’s how usage-based insurance (UBI) can contribute to make our roads safer:

  • Assess Driver Capabilities

By collecting driving data and carefully analyzing it to evaluate driver’s risk profile, UBI model holds the potential to let the driver reflect on the findings transparently, and in the process get informed of any inadvertent practices that might be hampering safety.

  • Penalties for Unsafe Behavior

Pricing insurance based on the driver’s risk-factor is a powerful tool to not just lower policy costs but also promote personal responsibilities. Insurance models such as PHYD take into consideration the driving behavior as the cause leading up to an accident, link it to the economics of paying for consequences and gradually lead to safer driving and behavior change, to prevent penalties.

  • Collision Assistance

By tracking real-time location data, in addition to historical data, auto insurers can enable expedited and efficient assistance in case of collisions. By dispatching emergency services such as ambulance and support vehicles, insurers can ensure that necessary help can be availed at the right time.

  • Support Cause Detection

Connected mobility data and research-driven knowledge, besides empowering innovative insurance products, could also contribute to a better understanding of the mobility trends and unlock the reason behind road crashes and compliance-fails. The data-driven approach can then fuel further product developments in the auto sector.

  • Inculcate Safe Road Practices

Connected technologies and vehicle data could help promote informing users about the importance of safe driving behavior as well as act on coaching opportunities to educate regarding safe driving practices, through interactive apps and other tools.

  • Fair Claim Settlement

Since insurers will have consented access to relevant collision event data, they’ll be able to settle claims more swiftly, while calling out for any frauds and finding the exact cause/party responsible for the accident, to ensure the unsafe driver is identified.

  • Raise Awareness & Concern

Connected vehicle data would support UBI insurers to partner with government and public institutes to raise public awareness about the road risk factors, share backed research and analysis considering speeding, alcohol use, seat belt usage, etc. and develop new insurance programs that lead to universal road safety.

Tackle Road Safety Measures with Vehicle Data & CerebrumX

CerebrumX is your solution to seize the opportunity of making roads a safer place for pedestrians, non-motorized vehicles and automobiles. Leverage the extraordinary power of connected vehicles with our AI-powered Augmented Deep Learning Platform (ADLP) and get your hands on business-defining insights to boost UBI operations. As you succeed with innovative IoT and telematics-based insurance products, road safety and security will come along.

In association with our white-label consent management platform, CerebrumX Secure Consent, we further offer the capability to ensure driver’s data privacy in compliance with global GD PR and CC PA laws.

Modern Solutions for Present-day Problems

The rise of EVs and advancement of connectivity in vehicles has led to a heightened collection of telematics data around cars and their drivers. Car owners fear getting deceived of ransomware and phishing attacks, while manufacturers are shifting from their core business of revolutionizing our mode of transportation to becoming technology companies in order to adapt, withstand and prevent greater cyber risks.

Usage based insurance boasts a viable solution in preventing to become vulnerable to hacking. CerebrumX aims to take away these fears of intrusion, by enabling you to conceive and provide your customers with future-ready services, powered by connected vehicle data.

 

For more information regarding connected vehicle data and the evolving ecosystem around it, Contact us or reach out to our experts.