The auto insurance industry is ready for emerging technology.
With more data available, insurers can better calculate risk and create never before seen offerings. This benefits both the insured and the insurer, rewarding those who carry less risk and cause fewer accidents.
WaterStreet Company offers P&C Insurance Solutions for insurers to collect all their policy administration data in one place, helping unify a variety of data into one easy workflow.
What is Telematics?
Telematics is the general field of collecting telecommunication data relevant to travel. Most telematics systems involve vehicle data and can be applied in many industries, including auto insurance.
When telematics is applied to everyday consumers’ cars, there’s a wide range of data that drivers can offer to insurers for gaining benefits on car insurance coverage. By gaining this data, insurers are able to craft better and more personalized policies, giving the insured driver an even better deal. This data could include:
- Car mileage in real time
- Total driving time per drive
- Times of day the car is driven
- Speed of the car at different times and locations
- Accelerating data, for how quickly the car accelerates
- Braking data, for how hard the car brakes
New Auto Insurance Offerings
Insurance companies can choose to offer better deals to better drivers after calculating the risk with greater accuracy. Once a driver shares their telematics data, the insurer can compare drivers and determine what it takes to gain the best deal.
The types of auto insurance deals for safe driving depend on each carrier’s unique offerings. These offerings are expected to change over time as more people offer their telematics data, giving insurance companies more to work with and drivers more opportunity to either shop around or improve their driving behavior.
Here are a few examples of emerging insurance offerings:
- Pay as you drive per mileage
- Safe driving discounts
- Cash back rewards
These offerings make sense for both the driver and the insurer. Safe driving behaviors, such as going the speed limit and braking softly, can reduce your risk of getting in an accident, saving the insurer money on claims and now also giving a discount to yourself for using caution.
WaterStreet Company & Telematics Data
Carriers need robust and unified solutions in order to support the amount of data telematics generates. The problem many carriers experience today involves older legacy systems that can’t handle the enormous amounts of Big Data from emerging fields, such as telematics.
That’s why WaterStreet Company has designed P&C Insurance Solutions to handle the entire policy administration life cycle through to billing, claims and document management, in addition to integrating with third party solutions.
WaterStreet Company is able to connect with any third party telematics system for storing auto insurance policy data thanks to our robust API and technical approach to unifying your data in one place.
Reach out to WaterStreet Company today to request a consultation and demo.