What's more, telematics has already proven its efficiency in B2C motor insurance by Progressive
, Allstate's Arity
, Liberty Mutual
, and many others. For example, 20% of Allstate customers have telematics, and this number is growing fast
Now the time has come to use telematics in B2B/B2B2C.
And dozens of early-stage initiatives around the world prove our assertion.
The good news is that fleet management companies have had 20 years to master telematics in B2B. And they did a great job equipping millions of cars with data collection devices and developing tons of different solutions on top of it. They've done half of the work.
Now, insurers need to learn how to implement existing telematics data and solutions for risk assessment. And the key directions will be:
Harmonization and normalization of telematics and IoT data from various data sources;
✅ Driver performance monitoring, distraction detection, and driving style improvement based on various factors;
✅ ADAS utilization;
✅ Dashcam information and events analysis;
✅ Smart geofencing and environment factors analysis;
✅ Vehicle health monitoring.
To sum it up, with digital mobility products, new market segments, and services, insurance strives for automotive data to survive. It’s not a question if telematics should be here anymore, but rather the fundamental truth.