Telematics and Usage Based Insurance (UBI)
Telematics technologies gather vehicle information and transmit the data back to carrier backend systems for further analysis. Detailed trip analytics can be then performed on this data to identify events such as excessive accelerations, excessive speeding, hard braking and cornering, and then to compute metrics based on these measurements. These metrics help policyholders improve their driving behavior, which in turn directly benefits Insurers in minimizing claims related expenses. As insurers move towards UBI, the information gleaned from the trip analytics becomes very valuable. There are several approaches to gathering the trip data, from aftermarket OBD devices to native mobile apps that leverage built-in sensors readily available on the smartphones. Learn the strengths and drawbacks of various approaches, the costs involved, the shifting UBI landscape and the current adaptation by insurers.
Understand the type of information that can be obtained from telematics
Comparison of various data capture options including aftermarket OBD devices and standalone smartphone apps
How to use the data from trip analytics in underwriting, pricing determination and in offering policyholder discounts