Our Auto telematics allows insurers to provide value-added services like driver feedback, theft prevention and road assistance. Using telematics helps insurers more accurately estimate accident damages and reduce fraud by enabling them to analyze the driving data (such as hard braking, speed, and time) during an accident.
Over the past centuries, an insurance policy was designed with the focus being on the car rather than the customer as the risk profile of a driver could not be determined accurately. Cars—and their drivers, with our IoT Solutions —are increasingly outfitted with sensors that can not just monitor driving behavior and use of the vehicle but also collect other vehicle data, from the oil temperature and wear of the brakes to tire pressure.
Based on the risk profile, an insurer can deduce the cost of an insurance policy. This cost would be much more accurate and fair to the driver, as opposed to charging a generalized price which is currently in use.
This will result in higher customer satisfaction as a safe driver will have to pay a reduced cost as compared to a customer with a history of repeated claims.
Occurrence of a Peril: Accident
An IoT device embedded in a vehicle provides real-time data to the insurer as well as the customer. Data regarding the state of various parts, detection of a failure, warning signs like speed warnings or proximity levels, will is provided. This data helps in reducing the chances of accidents to a great extent.
Roadside Assistance and Emergency Services
In case, an accident occurs in spite of the above-mentioned warnings, IoT devices reports the incident to the insurer. This report is forwarded to the nearest service provider. In-turn drastically decreasing the reach time of roadside assistance service and emergency facilities at the accident spot.
Customers can track the status of repairs and understand the time required to receive their repaired vehicle. Based on this, customers can also estimate the magnitude of damage and approximate claim amount that their insurer is likely to settle.
General Insurance Companies in Kenya detect only 6% of fraudulent claims in one year, resulting in a loss of KES 250 - KES 700 Million
IoT devices have potential to drag this number downwards. With respect to auto insurance, insurers will already be aware of the state of an automobile and its parts. It will be possible to differentiate old and current damages, thus making it possible to process a claim for current damages.
Internet of Things is providing a golden opportunity to Insurance Companies in both Life and General Insurance sector. IoT is providing a win-win situation for insurers as well as the consumers with fair, faster process and real-time data.