GPS.AZ: Telematics for the insurance sector
The use of telematics solutions in the insurance industry can significantly reduce the risks associated with insuring drivers, leading to fewer claims and increased profitability. When a vehicle is equipped with a GPS tracker, it transmits detailed information about the geographical location of the vehicle, average speed of the trip, and details of driving style, including parameters such as aggressive acceleration, hard braking, cornering, traffic violations, and accident data.
This approach provides valuable feedback that helps both insurers and drivers adopt safer driving practices. The result is a win-win for all parties – insurance companies, road users, law enforcement and society as a whole. Telematics products from GPS.AZ give an opportunity not only to control drivers’ behavior, but also to react promptly to emergency situations, which helps to reduce the number of insurance cases.
Benefits for the insurance sector:
- Reduction in the number of insurance claims: Telematics devices capture driving style data, which helps prevent accidents and improve road safety. The system automatically tracks violations such as aggressive acceleration, hard braking, speeding and other risky maneuvers.
- Adapting rates based on driving: Insurers can use the information provided by GPS trackers to calculate more accurate and fair rates for each customer. Responsible drivers who follow the rules will pay less and drivers with aggressive driving styles will pay more. This will help lower your loss ratio and improve your financial results.
- Simplification of insurance processes: Insurance companies will get detailed and accurate data, allowing them to efficiently process claims and reconstruct accidents. The system will also help in fighting fraud by providing reliable vehicle movement data and preventing inflated or false claims.
Features of Telematics for Insurance:
- Accident detection and accident reconstruction: With sensors such as accelerometers and gyroscopes, telematics devices can capture detailed accident data. This includes linear acceleration, angular motion and six-axis data to create an accurate representation of vehicle dynamics during a crash. This data can be used to reconstruct accidents and limit fraud, providing insurers with accurate information to process claims.
- Immediate Incident Response: Crash detection and immediate tracker disconnection features allow insurers to respond quickly to incidents, including theft. For example, a hidden “backup” tracker continues to transmit data even if the primary tracker has been disconnected, helping to efficiently recover a stolen vehicle.
- Enhanced tracking and robust protection: Teltonika devices have powerful GNSS receivers that provide accurate vehicle tracking as well as weather protection thanks to a ruggedized housing with IP65 protection against moisture and dust. These units can be easily installed on a vehicle in five minutes without the need for technical skills.
Driver Assessment:
- Analyze driving style: Insurance companies can use the data provided by GPS devices to assess drivers’ driving style. By incorporating data on traffic violations, speeding and other risks, the system can create driver ratings and adjust insurance rates. Drivers who follow the rules can receive discounts, while riskier drivers will pay more.
- Corporate fleets: The driver rating method is also suitable for corporate fleet management. Implementing this approach helps improve employee driving styles, reduce accidents and repairs, resulting in maintenance savings and lower operating costs.
Benefits to the insurance industry:
- Reduced fraudulent claims: With accurate data collected from accelerometers and gyroscopes, insurers can prevent fraud. These devices capture detailed information about vehicle movement during collisions, which helps to effectively reconstruct accidents and minimize data falsification.
- Versatile feature set: Teltonika GPS devices have been specifically designed for the insurance sector. They offer all the necessary features for monitoring and analyzing without unnecessary add-ons.
- Detailed and accurate data: Teltonika devices provide comprehensive information for monitoring and analysis, including geographical location, speed, driving style, traffic violations and incident data. This information helps create accurate reports and make more informed insurance decisions.
- Improved loss ratio and profitability: The use of telematics devices helps improve driving habits, reduce accident risks and lower operating costs. This helps in improving ROI, increasing cash flow and profits for insurers.
Telematics solutions from GPS.AZ will significantly improve risk management, enable more accurate insurance premium calculations and promote safe driving. This benefits both insurers and their customers.
