Some benefits of telemetry in the insurance industry

As we saw in the previous article, telemetry plays a super important role for any company, especially for the insurance company that, due to its rudimentary nature, has not been able to advance to offer different products and services to its customers. Its most outstanding benefits are:

1.Cost of insurance according to its use: by means of a telemetry device that was installed in cars, the general behavior of the driver can be analyzed and from this, collect information about their braking, speed, distances traveled, among many other things.

Based on the above, the insurance company will receive the data collected and can evaluate it to determine the cost of the insurance premium. For example:

A customer who drives a long distance at a high speed will be charged a higher rate, unlike a person who drives short distances at a lower speed.

2. Strengthens and encourages road liability: this will make customers aware of the way they drive their cars, since the cost of their insurance will depend on this. It is known that people who have opted for this modality have managed to reduce the cost of their insurance by up to 25%.

The general use of telemetry in insurance is located in the vehicle branch to offer completely personalized services such as the well-known «Insurance per km».

3. Reduction in claims: Based on various studies of telemetry within the insurance industry, we can find that not only does it reduce contracting and operational costs but also, thanks to behavioral assessment, it is possible to reduce costs by 57%. road accidents, transforming this technology into a strategic ally for insurance.

In the same sense, telemetry may warn in advance about some mechanical failures that put vehicles and workers at risk, avoid criminal acts and have the possibility to report the facts immediately to the authorities.

Insurers from their origins have worked to support difficult times such as claims, once they occur. However, with the emergence of technologies such as telemetry, they can be more competitive and efficient thanks to the fact that they can anticipate unfortunate events that may occur due to excess humidity, short circuits, theft, and even increased vehicle speed.

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