Driver behavior monitoring systems with reporting tools and training programs are key to reducing overall risk, according to a new Aite Group report
London, UK (Nov. 6, 2018) – Insurance carriers are desperate to strike a balance between increasing customer engagement and managing downside risks and their bottom lines. This is proving to be a high-wire act, yet telematics vendors and their advanced driver monitoring systems may allow carriers to balance these objectives, given the focus on the most important part of achieving carrier goals—changing personal behaviors. Aite Group’s latest report, Driver Coaching With Telematics: A Pathway to Carrier Competitive Advantage, examines the challenging trends insurance carriers face, such as greater driver distraction, diminishing driver skills, lack of customer cooperation, and lack of real-time information.
“Carriers that incorporate new driver monitoring and evaluation systems with improved reporting tools and training programs will have a competitive advantage through better risk management, lower claims costs, and deeper customer engagement,” explains Greg Donaldson, senior analyst at Aite Group.
This new Aite Group report outlines key driver behavior monitoring systems and technologies designed to help personal lines and commercial lines insurance carriers as well as vehicle operators manage risk. It is based on interviews conducted between May and October 2018 with 24 executives at insurers and telematics system vendors across North America, Europe, Asia, and Africa.
Click here for the online report summary or to download the table of contents.
This 20-page Impact Note contains three figures and five tables. Clients of Aite Group’s P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck. The report mentions Amodo, Baseline Telematics, Cambridge Mobile Telematics, Cellcontrol, Intelligent Mechatronic Systems, Octo Telematics, SpeedGauge, Telematicus, The Floow, and Zendrive.
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About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.
Source: Aite GroupTags: Aite Group, Baseline Telematics, Intelligent Mechatronic Systems (IMS), Octo Telematics, Telematics