D-rive | Telematics Solution
Telematics is creating new opportunities in auto insurance and reflects a broader movement toward “connected consumers” and shifting customer expectations.
Telematics allows insurers to gather data on the driving behavior of policyholders, providing a more comprehensive view of a driver’s true risk.
We have seen market leaders already starting to incorporate this technology into their offerings. Ten major U.S. auto insurers, representing nearly 60% of the market, will be offering telematics products in 2014.
We believe that now is the time for NAMIC members to consider a strategic response to the evolving industry landscape.
Over the last few years, NAMIC has been observing the emergence of multiple telematics solutions for insurers and recommends D-rive -a comprehensive telematics solution created by Deloitte-for NAMIC member companies. NAMIC leadership, in coordination with member companies, has worked closely with Deloitte to develop an end-to-end, cloud-based solution that captures, scores, and reports on policyholder driving behaviors while engaging drivers through a mobile app and online portal. Insurers are empowered with their own portal for advanced analytics and enhanced customer service capabilities, and are given access to proprietary and pooled driver data through the shared data bureau.
The solution has been created to provide insurers with capabilities to compete in an environment where remote sensory technologies are being incorporated into vehicles, to permit insurers to better understand driver behavior so that they can improve risk assessment, grow revenue, reduce costs, produce innovative products, and engage deeply with policyholders.
We are excited to provide NAMIC members with a value-added telematics solution that has been designed for insurers, with input from members. NAMIC companies will have the opportunity to influence future product development, while also enjoying preferred pricing.
As used in this document, "Deloitte" means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
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Posted: Friday, June 27, 2014 9:53:16 AM. Modified: Tuesday, August 05, 2014 9:32:56 AM.
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