Insurers Can Achieve Exemplary Growth with ‘Xemplar’

While lower premiums and low claims bonuses had been the major drawbacks that featured traditional auto insurance domains, competition in the insurance industry prods them to adopt smart technologies. It is my sincere hope that ‘Insurance Telematics Canada 2016 Conference and Exhibition’ on 28-29 April at Double Tree Hilton, Toronto will educate the insurers on how Telematics will revolutionize auto insurance market.

How telematics is shaping the auto insurance, how new market leaders are going to be emerged in the insurance industry, depends on mobile technology adoption. Today businesses are strategic like never before as clinging to traditional models will make existing businesses losing out in competition. According to Greg Keenan – auto industry reporter, auto makers sold 1.898 million vehicles in Canada and 17.42 million vehicles in the U.S. during 2015. Of course, the vehicle population is growing, so is the demand for auto insurance for millennials and Gen Z demography. In U.S. 48 percent of millennials feel, basic health insurance is a right for all people. This shows there is a perception favoring the insurance industry. Driving behavior has the potential to dictate health and life of people. It is in this context it makes sense to treat auto insurance on par with life insurance, isn’t it?

Nobody is perfect, but predictive analytics is pretty close

Can predictive analytics be TRULY Predictive? Yes and in this article we will see why predictive analytics is a game changer and why companies must rise up to the challenge of using predictive analytics models to increase their knowledge of their business, their competitors, and their customers.

Nobody is perfect, but predictive analytics is pretty close to taking the guesswork out of the prediction equation to show you where you are now and suggesting where you can go next, effortlessly – not only in marketing and sales, but in the operations and customer success departments too.

It’s no surprise, then, that the predictive analytics solution offers a comprehensive set of capabilities to build predictive models, easy-to-learn/use modeling tools, conduct business analysis, and deploy predictive applications: both on-premises and in the cloud. So how do you unleash the power of predictive analytics solution for your company? Let’s find out…

The Tools At Work within Mobile Telematics Systems

So you’ve been hearing about mobile telematics — whether on the periphery of your daily research or as a topic on the forefront of your and your company’s interests. You know that adopting telematics solutions are the key to pushing your auto insurance business to the leading edge of the market, and you are likely familiar with many of the common benefits touted by other leaders in the industry: reduced infrastructure costs, more satisfactory customer relationships, improved driving habits from policyholders, and safer roads for all, just to name a few.

But what, specifically, are the tools and features that will help you attain the benefits in question?

Insurance Mobility Solutions

For one, the best telematics systems work for you and your customers — not the other way around. The automated nature of the application’s cloud-based system greatly reduces clerical errors and the time needed to fix them. Customizable, easily usable dashboards enable all team members to seamlessly access, monitor, and analyze raw data streaming from the drivers’ smart devices, allowing your business to apply highly advanced predictive analytics tools in order to craft premiums and policies for each unique policyholder. This method of crafting cars insurance policies is called usage-based insurance (UBI).

On the client’s end, the mobile app monitors the most frequented routes and destinations. In addition to providing real-time data on traffic congestion and weather conditions, the telematics system can even offer safety tips and tricks configured to your driving habits. Furthermore, the best mobile solutions feature teen programs designed to help teens (and other beginners behind the wheel) adopt the safest driving practices . . . contributing one step at a time to securer roads for everyone.

Curious to learn more on how a top-notch mobile telematics application can improve your auto insurance business? For more information, visit (and contact!) us at xemplartelematics.com.

How Mobile Devices are Making Roads Safer

Smartphones. Tablets. Wireless headphones. Smart watches. These gadgets keep popping up everywhere, with countless new additions and tweaks and perks designed to make the owners’ lives easier, more luxurious . . . simply better.

These smart mobile devices and “wearables” can often feel like frivolous purchases, or even a waste of time for companies to invest in. Quite the opposite, however, is true. For every indulgent new game app you can buy to spend time on your iPhone, there exists a real tool for users and businesses to improve lives and safety around the world.

Yes, safety. But doesn’t using mobile devices on the road increase the chances of accidents and injury? Of course they can — unless you know how to use them.

Find Your Mobile Insurance Solution

A growing number of auto insurance carriers are beginning to switch from old self-reported methods of determining policies and premiums for their clients to usage-based insurance (UBI), resulting in safer roads and driving practices for all. How do they do this?

Mobile telematics applications allow insurance providers to engage with their policyholders on their own territory – through smartphones and other mobile devices. By collecting real-time data of the driver’s individual habits, frequent routes and destinations, and even traffic and weather conditions at the time of accident, these smart devices allow customized mobile apps to help drivers stay safe. In addition, these same applications offer feedback tailored to each specific user, thereby improving your clients’ records and making roads safer.

In addition, the highest quality mobile telematics systems feature video and image capture and video and audio statement capabilities, allowing drivers to physically hear and see what goes wrong behind the wheel and maintain correct behaviors. In this same vein, the best telematics applications also feature teen driving programs that set safety parameters for teens and other beginner drivers.

Safety, more information, and greater trust in the business-to-client relationship? Thanks to the ubiquity of smart mobile devices, these are no longer pipe dreams — but the very fabric of the auto insurance industry. What could be better?