The Unseen Passenger: How Telematics Data Is Reshaping Private Passenger Auto Insurance
More sophisticated telematics technology has been matched by greater ease of storing and accessing data, thanks to the growing presence of cloud-based computing.
Customers will share their data, but only if insurers are clear about how it will be used and how its use will add value to the customer.
Insurers have spent decades attempting to assess drivers' likely behavior. Nothing tells that story like the data generated by telematic devices.
Insurers interested in tapping into telematics technology can benefit from more sophisticated hardware, speedier communications technology and the widespread use of cloud storage.
Given that early hackers have shown their ability to penetrate vehicle systems, those setting up telematics programs have to employ state-of-the-art security practices, including revisiting security at each layer of access.
