ITS Telematics Solutions, the telematics data management experts, are leading the way in managing connected car data that is driving the car insurance sector especially as consumers become more aware of all the benefits that this data offers. In the near future drivers will expect a proactive First Notification of Loss (FNOL) service along with tailored Usage Based Insurance (UBI) insurance solutions such as Pay as You Drive (PAYD) and many other value-added services.
The connected car data experts have been monitoring data to show how UK drivers are changing how and when they drive especially since the COVID lockdown and how reduced mileage isn’t just a recent trend as annual mileage has been reducing since a peak 2002 and has now dropped by over 30%.
Proactive FNOL is a cutting-edge solution that can benefit both drivers and the insurance firm. ITS Telematics Solutions offer an advanced crash algorithm that alerts the insurance firm when an incident happens. This ‘alert’ includes data showing the location of the incident, speed of impact and predicted damage, meaning the insurance firm can react immediately to the situation without the driver having to inform them. This advanced tech solution means a quicker and seamless customer service solution when the drivers need it most.
As annual mileage reduces this has increased demand from drivers interested in the transparency, cost savings, and flexibility that connected car data provides, such as the Usage Based Insurance telematics program Pay As You Drive (PAYD).
PAYD is a proven telematics insurance tool that benefits customers, who use their vehicles less frequently or don’t drive far, with a lower monthly premium. This used to be a small minority of drivers but due to new trends this is rapidly shifting and could end up being the majority of drivers in the near future.
Neil Beckingham, CEO at ITS, commented, “As we monitor connected car data it clearly illustrates that car insurers needs to evolve and offer solutions that match driver requirements by taking advantage of all the benefits this data can offer. The industry needs to continue to embrace this technology and it is would seem that earlier adopters of these advanced solutions will lead the way in the future of car insurance.”