There is a rise in high-frequency and/or high severity claims due to increased vehicle population. Sensor-based technologies are used to collect data for more accurate premium pricing or launch products for sharing economies, but many insurance organizations are yet to extend the use case further to proactively manage risks and prevent losses due to irresponsible driving behavior.
Goals and Objectives
Leverage telematics data to monitor distracted driving and driving patterns (harsh braking, speeding, mobile phone usage, miles driven, trip tracking) to educate drivers about adverse behavior and encourage them to change to improve premium ratings and safety. Provide advance warnings (weather, road conditions, location alerts around theft or accident frequency) through smartphone apps or virtual connect to proactively mitigate losses.
IoT (standalone or embedded sensors), Big Data, Mobile technologies, 5G, Cloud, Advanced analytics, Cognitive technologies, Next-gen security, Persuasive technologies, AI
Use Case Summary
Use sensor-based technologies to enable loss prevention in automobile insurance through real-time monitoring, tracking and offering timely advice.