Many property/casualty insurance carriers have adopted telematics to tackle some of the most pressing challenges related to efficiency and safety. This adoption is generating tremendous data. In fact, back in 2014, McKinsey stated that a connected vehicle generates 25 gigabytes of data every hour, on average. (See also, Statista Chart, “Big Data on Wheels,” Feb. 9, 2017)
Executive SummaryTelematics adoption has lots of benefits for insurers and customers, but managing and translating the data from telematics programs into manageable insights can be challenging. Here, representatives of EXL Services offer success strategies including the adoption of cloud infrastructure and meaningful customer engagement.
Such data efforts can yield positive results and help the auto insurers generate insights and provide valuable information which leads to improved business outcomes and customer experience. Telematics data along with other internal data and third-party data can unlock value across the entire insurance value chain. Telematics adds a lot of value in the acquisition phase and also supports drivers with current-position and schedule-based services, road-related emergencyassistance, automobile status and maintenance notifications, and mechanized reporting of claims during the servicing and retention phases.