Insurers are leveraging the power of telematics and IoT to offer auto insurance benefits to their policyholders. Groupama Assicurazioni, a leading insurance company in Europe, integrated telematics and IoT technology into its auto insurance offerings, giving customers an opportunity to save on their premiums.
Telematics technology involves collecting and analyzing data on driving behaviors using sensors and communication systems. The data is then used to adjust auto insurance rates based on driving habits. IoT technology is the integration of devices connected to the internet to collect and share data. Additionally, telematics and IoT technology can help insurers to eliminate fraudulent claims. This technology can also help insurers detect thefts, and recover stolen vehicles.
Groupama had originally used telematics with the idea to reduce theft claims as telematics gave realtime information on the location of the vehicle. However with increased analytics and data points flowing to the insurer it realised it's potential in reducing claim size in accidental claims also. The sensors and communication systems helped Groupama to reconstruct accidents, preventing unscrupulous claimants from obtaining undue benefits. family.The precise position of a car aids in preventing theft, but the telematics insurance's GPS moment-by-moment detection system also helps spot even the most subtle frauds. For instance, G-Evolution (Groupama's underlying telematics tech) can identify whether a client attempts to lump in prior damage, such as damage to the back bumper, after a valid accident, perhaps a head-on collision. To support the validity of claims, an algorithm is fed telematics data of the vehicle's precise movements at the time of the crash and in the past. This algorithm is then supplemented with conventional inspection tools.
At the same time, Groupama discovered that real-time crash detection could be achieved by knowing a vehicle's location, speed, and acceleration. Dispatchers would get in touch with the consumer if one appeared serious enough (50 or above on a 100-point impact scale). If nobody picked up, emergency services were dispatched right away. According to Groupama, first responders are sent out on about 200 times each month, which allows them to arrive more quickly. This has assisted in avoiding some injuries from turning deadly or seriously damaging.
Additionally, the Groupama also enabled it's customers in finding safer, shorter routes, reducing reckless driving, safeguarding their vehicles from thieves, and even keeping an eye on their
Insurance companies are using telematics and IoT technology not only to collect and analyze data but also to improve customer service. Telematics technology can help to simplify claims processes and interventions during accidents. Insurers can use the data collected to quickly investigate accidents, settle claims promptly, and provide roadside assistance through connected systems, making the claim experience less stressful for policyholders.
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