Telematics technology can provide a lot of value to insurers and its importance will only grow in the future.
Aftermarket telematics devices are a preferred option when it comes to meeting the actuarial expectations on data reliability and in-car telematics technology importance is on the rise.
Nonetheless, smartphone-based solutions continually gain on adoption and popularity for a number of reasons, just some of them being good economics, independence on the car manufacturers, and the mere fact that you need a smartphone in any of the above scenarios to ensure communication back to the customer.
Seeing through the prism of data collection capabilities, a smartphone is just one of the tools for usage and behavior data collection. However, thinking in terms of a customer relationship, communication and engagement a smartphone is the best tool to achieve these business goals.
Our technology helps achieve insurers goals
Our goal is to assist insurance companies to achieve lower claims through self-selection and behavior change. Our clients have reported up to 15% lower claims by using the Amodo platform. However, to get the return on investment only by harvesting that one particular business aspect takes a lot of time and effort.
That’s why these 3 business aspects should not be overlooked:
New product creation
The capability to create new products and thereby differentiate, address new market segments and consequently drive more revenues.
Engage with the customer in order to collect more data, learn about their personal needs and habits, and consequently create higher loyalty by addressing them individually through personalized products and services.
Address the engaged customer base through the smartphone channel to drive up-sell and cross-sell insurance products and services and consequently drive more revenues.
When it comes to the subject of driving more revenues through up-sell and cross-sell, smartphone data becomes essential. Through the data provided by smartphones, insurance companies can learn about their users’ customer journeys even after they leave their cars on a parking lot. And this is why smartphone, even as a data collection tool only, has more value than a telematics box ever will. A telematics box connects you with the car, a smartphone connects you with the customer.
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