Telematics Update, a cornerstone for communications within the industry and who hold the most prestigious conferences in the industry, spoke with The Floow’s Chief Product Officer, Andy Goldby, about the smartphone UBI apps that are dramatically transforming the insurance telematics market.
Accountable for ensuring that the telematics product delivered to insurers and fleet managers is tailored to the needs of the client, Andy stated: “Smartphone UBI apps, currently revolutionising the insurance telematics market, have the potential to build trust between the insurer and the consumer in the automotive insurance market.”
Now that early stage challenges such as battery reliability and data validation issues are being overcome, insurers are steadily beginning to adopt app solutions to launch their first foray’s into the UBI sphere. Indeed, the benefits for insurers to adopt a smartphone app are numerous; for one, they have the ability to select the metrics upon which a driver is assessed, enabling them to tailor a product to a very personal level dependent on the driver.
Accident data is another data metric that will soon be able to be collected by smartphone. This will enable insurers to collect real-time accident notifications as well as provide e-call capabilities, something that was previously reserved for black box concepts.
These capabilities are having a positive effect on the insurer-insured relationship, building a trust that insurers have traditionally found difficult to establish.
Goldby added, “Traditionally, consumers think the companies are asking for too much money, and insurance companies think that drivers make false claims and drive badly. In reality, this perception is based on the experiences of a small minority of both. Our app allows the user to tag journeys which, for whatever reason, he does not want included in the scores. This would include, for example, journeys he or she took in a taxi or bus. This feature lets the insured person be in control and shows that the insurer trusts him.”
Speaking at Telematics Update’s Insurance Telematics Europe Conference and Exhibition 2014, which is to be held in London, Andy will be discussing how the smartphone proposition can be built into a sustainable business proposition. In addition, there will be a variety of speakers exploring the crucial topics that insurers face today, including The Smartphone Proposition, UBI Gamification: The Next Level and also Underwriting for Fleets.
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