IoT, Telematics & Insurance - Thought Leadership Session

Technology Trends in
IoT & Telematics are
Disrupting the Insurance Industry

IoT, Telematics & Insurance - Thought Leadership Session

Technology Trends in IoT & Telematics are Disrupting the Insurance Industry

What is the “MATTER” with Insurance?

Revolutionizing Insurance with IoT & Telematics: How MATTER, THREAD, & SIDEWALK are Game-Changers!

Challenges of the Insurance Industry

In recent years, the insurance industry has encountered multiple obstacles such as intensifying competition, evolving consumer demands, and escalating claims expenses. To overcome these challenges, insurance organizations have adopted new technologies to enhance business operations and deliver better services. Among these technologies, IoT and Telematics have emerged as one of the most promising ones.
IoT and Telematics employ sensors and other devices to collect data on a vehicle’s performance and the driver’s behavior. This data helps insurance companies to create personalized policies based on a customer’s risk profile and develop more efficient claims management processes.
As premium costs continue to rise, there is a growing interest in telematics to reduce insurance costs. Claims expenses are also increasing due to inflation and supply chain pressures. Additionally, insurance fraud is becoming a more significant concern for insurers. To address these challenges, MATTER provides real-time vehicle performance and driver behavior data.
IoT and Telematics employ sensors and other devices to collect data on a vehicle’s performance and the driver’s behavior. This data helps insurance companies to create personalized policies based on a customer’s risk profile and develop more efficient claims management processes.
As premium costs continue to rise, there is a growing interest in telematics to reduce insurance costs. Claims expenses are also increasing due to inflation and supply chain pressures. Additionally, insurance fraud is becoming a more significant concern for insurers. To address these challenges, MATTER provides real-time vehicle performance and driver behavior data.

Overcoming Insurance Industry Challenges with Cutting-Edge Technologies

The Insurance sector is experiencing rapid evolution, thanks to the advent of technological innovations in the AI, ML, IoT and Telematics fields. Revolutionary technologies such as MATTER, SIDEWALK, and THREAD can disrupt traditional insurance business operations.

Using IoT data, MATTER helps insurance companies with improved risk assessment, claims prevention and verification, and premium calculations. MATTER addresses insurers' challenges in standing out in a crowded market by offering innovative services that meet customers' needs. MATTER, for instance, enables insurers to collect and analyze real-time data from IoT devices to create accurate risk profiles and offer personalized policies.

Overall, the new IoT and Telematics technologies have enabled insurers to provide better products and services to their customers, keeping up with the evolving demands of the industry.

Agenda of the Thought Leadership Session

  1. Focusing on the latest technology trends in the IoT and Telematics Sectors, including MATTER, THREAD, and SIDEWALK.
  2. The event features Automotive Center of the Future project, DIAL (Driver Interaction Analytics and Learning), and an eBike demonstration.
  3. Attendees will gain valuable insights into IoT Use cases in insurance, automotive, home, life, and more.
  4. The event culminates with an interactive session with the expert speakers.

Outcomes of the Thought Leadership Session

  • Comprehensive understanding of the latest IoT & Telematics technologies that are revolutionizing the insurance industry
  • Equip attendees with the knowledge and tools to leverage IoT & Telematics in the Insurance sector to make impactful decisions that drive success.
  • The session features use cases to demonstrate the practical application. .
  • The interactive session will help gain a deeper understanding of how to implement these technologies in their organization to drive better outcomes.

Use Cases of IoT in the Insurance Sector

Connected Home

MATTER-enabled IoT devices such as smart thermostats, smart locks, and water leak sensors can detect and prevent potential risks such as water damage, theft, or fire. Insurance companies can offer incentives for homeowners to install these devices and reduce premiums based on the data they collect.

Connected Home

IoT devices to track and analyze driver behaviour, allowing insurers to offer personalized plans. For safe drivers, insurers offer lower premiums and incentivize good driving behaviour.

Commercial Insurers

IoT sensors can be used to monitor commercial buildings' temperature, humidity, and air quality. This data helps insurers identify potential risks and offer recommendations for reducing them.

Connected Healthcare System

IoT devices like wearables and medical devices can monitor patients remotely and detect potential health risks. Insurers use this data to offer personalized policies based on individual health risks and encourage healthier lifestyles.

Smart Wearables

Smartwatches and fitness trackers track an individual's health data, such as heart rate, activity levels, and sleep patterns. Insurers can use this data to offer plans tailored to an individual's health risks.

Smart Underwriting

Data can be collected with the help of various factors, including driver behaviour, home conditions, and health. This data can be used to underwrite policies accurately and efficiently, reducing the risk of fraudulent claims and improving the overall consumer experience.

Telematics helps you

iot_page _Telematics helps you img
smiley-businesswoman-driving-her-car-city

Pay-as-you-drive/when-you-drive

As technology continues to evolve, the pay-as-you-drive (PAYD) insurance pricing model is poised to undergo exciting developments that hold great promise for the future. Insurance companies will have more opportunities to provide customized, value-driven insurance products that cater to the unique needs of their customers. For instance, telematics technology can be utilized to track driver fatigue and distractions, which could help prevent accidents and enhance road safety. As the prevalence of autonomous vehicles grows, insurance companies may need to adjust their PAYD models to factor in the elimination of human error as a cause of accidents.

car-purchase

Pay-how-you-drive

An advanced UBI model can monitor user driving, their location, how they brake and accelerate, how they move on the road, and whether they have a history of erratic driving. Drivers are charged a monthly premium; depending on their driver behaviour, the price may vary monthly. Drivers also receive performance updates to reinforce good habits.

Route Optimization

Driver Behavior Analytics

This enables insurance companies to gain deeper insights into their customers' driving habits, improve risk assessment, and deliver more customized and efficient services. This data can be leveraged to stay competitive in a rapidly evolving market and offer greater value to customers. Through personalized feedback on their driving behavior, insurance companies can also foster stronger customer engagement, building trust and loyalty that leads to increased satisfaction and retention.

Next-Gen Analysis

Next-Gen Analytics

Telematics information gives insurers access to next-generation analytical insights through predictive analytics, like incident propensity based on known regular travel patterns, and provides route suggestions, such as the safest alternative route or the most fuel-efficient route.

Fleet Management

Fleet Management

By analyzing telematics data from fleet operators and offering guidance on usage, route optimization, and fuel optimization, insurers can enhance risk management. Data analysis through MATTER-enabled devices tells insurers about driver risk. Telematics is frequently used for risk management programs, customer loyalty, and brand support.

Health Insurance

Health Insurance

Telematics can lower healthcare costs by reducing lengthy paperwork, hospital stays, and other costly treatment. It can prevent medical errors by tracking patient data and offering real-time information. In addition, customers can keep track of their insurance coverage and help insurers improve customer satisfaction. Finally, it gives insurance companies information about patients' adverse health, allowing them to tailor coverage more accurately.

Use Cases of IoT in the Insurance Sector

E-Bike

equipped with IoT & Telematics technology provides a wealth of data that can help insurance companies accurately assess risk and develop personalized insurance plans. E-bikes can provide insurers with real-time data (speed, distance travelled, location) about the driver’s behavior. In addition, it can help detect fraudulent activity, such as theft. IoT & telematics technology can significantly help develop new insurance products tailored to the needs of e-bike riders. This helps reduce the cost of insurance for riders travelling infrequently or for short distances. Finally, some e-bikes are equipped with sensors assisting riders in detecting if they are about to collide and automatically apply brakes.

Project DIAL

can help the insurance industry overcome challenges by providing valuable insights into driver behavior patterns. By analyzing in-vehicle and driver interaction data, Project DIAL helps insurers understand drivers’ behavior and identify risky driving. This information allows insurers to create personalized insurance plans, offer discounts to safe drivers and charge higher premiums for drivers exhibiting dangerous behavior. In addition, Project DIAL helps insurers monitor insured vehicles in real time, enabling insurance companies to detect accidents and thefts immediately.

Expert Panel (Speakers)

Ravi Akella

Ravi Akella

Seasoned Technology and Product Executive spearheading the Automotive and embedded Practice for PeopleTech Automotive Centre of the Future.
People Tech Group Enables Digital Twin for Infotainment by Leveraging AWS IoT | AWS for Industries (amazon.com)

Venkat Menta

VP, Insurance Practice Head
eBike Brochure

IoT & Telematics in Insurance Industry

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