INSURANCE
monitoring elevates the general score by putting the bad practices into perspective . This real-time possibility will be made increasingly available as 5G networks enable higher volume and greater data transfer capabilities .
Data , data and more data UBI represents a far bigger realm of possibility than just a fairer offering for auto insurers . The use of connected devices that are separate from the telematics black box , while still a provider of information for insurers , is on the horizon . The evolution of UBI will see mobile devices being used to place driver journeys in context – for example , an emergency dash might break the speed limit and incur the wrath of your cover provider . But , if that journey was set in the context of a medical emergency , that alters the perspective on why the driver was taking that risk in the first instance . post-crash . Using AI and ML , they can also fill in all the online form details required to push any claim through much faster .
Multimodal profiling of driver behaviour Although this already takes place to a certain extent – especially in the fleet space – multimodal profiling in the future will have the capacity to track the continuous mobility of the vehicle .
Currently , telematics do provide certain data points that can assess whether a driver has used unsafe practices . But better tracking will provide a wider assessment of behaviour , as an unfortunate incident makes up just a fraction of a driver ’ s ability and , yet , may critically impact the level and cost of cover they find themselves eligible for . Constant
“ Some of the big insurers are really just dipping their toes into insurance tech still ”
SIMON DICKS INSURANCE CHANNEL MANAGER , LYTX
In short , using multiple data points to create a fuller picture of the driver and their environment helps to better shape the insurance outcomes , both when it comes to the expense of premiums and payouts on claims .
However , the use of multiple data points is still a contentious issue when taking privacy and security into account .
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