Insurance companies are using more UBI (user based insurance) systems because it provides a more accurate assessment of a driver’s behavior than previous methods. In the past, companies used geographical locations to determine a policy holder’s risks. While this might be accurate in some characteristics, it didn’t give an accurate picture of the overall behavior of the driver. Behavioral-based telematics on the other hand, gives relevant and valuable information so the motor insurance industry can protect itself from bad drivers as well as educate their good drivers with information. The partnership between iGO4 and Wunnelli is one of many partnerships companies have been making recently. As UBI trends becomes the norm, more insurers will be looking for telematics providers, if they haven’t already done so.
The Wunelli telematics solutions will give iGO4 critical information when assessing potential customers, and also keep track of their driving behavior once they become policy holders. The solutions will give the insurer:
- Data collection
- The hardware and services
- Design and implementation service
- Personalized customer website
- Billing and administration using telematics
“This partnership with Wunelli is a part of our strategic move into the growing telematics market. By working closely with industry experts, we have developed an exciting new platform that allows us to deliver a flexible, quality telematics solution to the motor insurance sector,” said, iGO4 managing director Matt Munro
Once the telematics system is integrated with the insurance company’s internal system, agents will be able to access the information about the customers driving behavior. The WiseDriving platform not only gives the insurer access to this information, but also the customer. By going over the data, the customer and insurer will forge a better relationship for improving services, performance and long term retention.
While commercial telematics have been in place for some time to monitor driver behavior, the application for consumers has been slow. Issues, such as privacy, have been the biggest obstacle, but state legislation guaranteeing privacy and insurance company accountability has made it more acceptable.
“WiseDriving is a highly innovative product and signifies the vital role brokers can play in supporting the growing telematics market. Wunelli is delighted to have been selected to provide the full telematics solution behind the product, from installation of the telematics devices to the data collection and analysis required to manage the policies,” said, Wunelli chief executive Sandy Dunn.
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Edited by Brooke Neuman