Matteo Carbone shares actionable advice on telematics and insurtech innovation. There is a gap needing a technology solution however.
Any parent with a young adult who has an insurance policy tied to & using telematics to "warn" of aggressive, unusual or working driving behaviour tends to be bombarded with "red flags".
So John braked aggressively, but there is no context to this. Did he brake because a car came out of a side-turning, a cyclist lost control or a child ran in the road? Given the number of drivers and parent who begin to ignore the red warnings as they are too often explicable suggests there needs to be more contextual data.
Dash cam data for example, or utilising the 360 degree cameras installed in vehicles combined with machine learning to filter out abrupt manoeuvres that are entirely explicable.
The next advances mean combining big data machine learning data analytics technology like HPE's Vertica with insurtech platforms like 360Globalnet and joining insurance enterprise data with location intelligence like that from Carto.
Telematics.... along with the exponential growth of data management and analysis capacity, opens up a whole new range of opportunities to innovate the traditional insurance approach: this calls for a serious and strategic reflection on behalf of all insurance companies...... Based on that, one can state that motor insurance telematics is still at an incipient stage—even in Italy where market penetration is above 8%—and in order to see it grow on a larger scale, the implementation of approaches that manage to exploit its full potential, is required. Looking at the big picture of the more international innovative approaches it becomes clear how every Insurer has the concrete opportunity to finalize this innovation effort in that which regards its own business priorities starting from customer acquisition and leading to retention, or from improving the portfolio’s profitability to cross-selling.