Apr 27 / Author: Harold Leitner

Connected Car Telematics and UBI (Continued.)

Connected vehicle telematics is disrupting how auto insurance is sold and what policyholders expect in terms of a personalized auto insurance experience. The depth of driver behavior data from connected vehicles is enabling insurers to better understand the exact driving habits that contribute to greater risk of losses and allows them to tailor premiums in ways that were impossible before connected vehicles.

Connected Vehicle Telematics Data

Today’s new vehicles have hundreds of sensors that monitor the vehicle’s systems and log how the driver is operating the vehicle. In additional to traditional driver behavior metrics like speeding and hard braking, connected vehicles also record new metrics that insurers can use for underwriting. These could include following distance, blind spot alerts, number or backing or left turn events, and others. Some new vehicles also look for indicators of driver fatigue and will warn the driver or automatically pull over.

Insurance Disruption

Some vehicle manufacturers are disrupting insurance distribution by offering their own usage based insurance. They are offering attractive premiums based on very detailed mileage and driver behavior data. These policies are often bundled with the vehicle purchase and can be incentivized with extended warranties and other perks. Traditional insurers are responding by accessing connected vehicle data for UBI by partnering directly with vehicle manufacturers or vehicle data aggregators.

Policyholders Want More with Telematics

Policyholders’ expectations are also evolving with connected vehicle technology. Today many policyholders demand that premiums reflect their safe driving. They expect their vehicle to detect accidents and alert first responders. They want the vehicle to assess the damage and report it to their insurer. Then the insurer should notify the repair shop of the damage and schedule the repairs. All of this can be enabled by connected vehicle data.

The next article in this series discusses the use cases where legacy and smartphone telematics are a better option than connected vehicle data. Connected vehicles are not the only, or often the best telematics solution for every use-case. Smartphone telematicsis a low cost and easy to deploy solution for personal and commercial auto insurers. To learn more about smartphone telematics click here: https://xemplarinsights.com/

Harold Leitner

VP, Business Development

With over 25 years of technology sales, business development, and account management experience Harold leads Xemplar’s business development team. He has successfully driven business growth for early stage technology providers across a range of industries including e-commerce, finance, IOT, connected fleet technology and telematics. Harold holds an MBA from Northern Illinois University and a degree in International Business from Illinois State University.

SriKrishna “SK” Tirumala

CEO & Co-Founder

Over the last 24+ years, SK has been at the forefront of delivering technology solutions in Property & Casualty. For the last few years, he has been spearheading the development of risk management solutions at Xemplar Insights, LLC. As the head of the business, SK passionately leads R&D and product engineering teams to advance the Xemplar product portfolio. He is continuously associated with customers, prospects and industry partners in solving their chronic business issues with cutting-edge technology.

Xemplar Solutions Suite

XEMPLAR AUTO is a comprehensive mobile, cloud, and web solution that enables personal auto insurers to close gaps in their digital capabilities. Designed to support loss containment strategies using state-of-the-art smartphone telematics, it can also include policy self-service capabilities to drive adoption and lower servicing costs. Insurers get a powerful analytics portal to analyze where, when, and how risk occurs in their book of business. Granular data can be used develop new rating variables for Usage Based Insurance (UBI).

Personal and Commercial P&C policyholders value the ease-of-doing business with their insurers over mobile and web channels. They are attracted to insurers with better digital capabilities for convenience and better service. Insurers understand that building relationships and creating loyalty with policyholders is key to their on-going profitability and success. The Xemplar Engage solution enables insurers to rapidly innovate and advance their digital transformation strategy with self-service features on mobile and web channels, resulting in significant competitive advantages with improved customer experience.

Xemplar Drive – Business was designed as a non-white-labeled option for Commercial Auto Insurers that believe that the policyholders will be apprehensive about using a data gathering solution provided by their insurance carrier. Xemplar Drive – Business would be referred by the insurer to the Commercial Auto policyholders (small businesses to large fleet owners) as a solution for risk prevention and loss control.
Xemplar Drive – Business is also available as a white-labeled off-the-shelf B2C subscription-based solution (SaaS or private) sold directly to Large Corporates, Commercial Businesses, and other Institutions that operate a fleet of vehicles, as a self-administered risk management solution.

Xemplar Drive – Business is a branded off-the-shelf, B2C subscription-based solution sold through distribution channels such as driving schools or not-for-profit organizations to individuals and/or parents of teens as means to analyze driving habits of themselves, or young drivers as they gain driving experience and develop good driving habits.

Xemplar Stack’s suite of licensable and adaptable software feature frameworks, platform architectures, design patterns, and data model assets helps businesses save development time and costs and jumpstart the creation of tailored software solutions for unique business cases.

About Xemplar Insights

Our journey began in early 2015 while experimenting with smartphone technology to analyze motion patterns that led us to develop an innovative and economical smartphone telematics solution for loss containment. We then extended our capabilities to include numerous new features including policy and claim services, and developed turn-key solutions for Personal and Commercial P&C Insurers. Today, Xemplar is an established digital solutions company that offers both pre-configured and tailor-made solutions to insurers and commercial businesses, with many companies using our products and services to drive their digital transformation.