Overview of Italian market-
Market and competition act (124/2017) approved by the Italian parliament on 4th August 2017 which recommends telematics for all insurances. Law (124/2017) of the Italian government is to guarantee the full acceptance of insurance companies who are based on telematics, this measure has taken place to reduce premium frauds. This makes Italy the leading market in the field of telematics
“Consumers are becoming more and more connected whether it is at home, at work, behind the wheel, when they engage in sports and leisure activities, and so on. This is happening quite fast, due to the adoption of smart devices, and companies have to be able to react accordingly in order to maximize value both for their clients and for themselves.” stated by Harvard Economics Review
Telematics for Insurer:
Monitoring an individual’s driving behavior will make premium pricing more accurate. Fewer miles and safer driving also help to ultimately reduce accidents. With the real-time information, consumers have the ability to understand how to adopt safe driving habits and reduce miles driven. Telematics data helps insurers to more accurately estimate accident damages and reduce fraud by enabling them to analyze driving data when an accident happens.
- Profitable for insurance companies- OBD insurance is profitable for the insurance companies. With OBD car tracker they are charging premiums. They can reward drivers who are safer with lower premiums, they can attract more of these customers and increase market share and overall revenues.
- Helps with claims management- GPS OBD car tracker includes a huge amount of information, which can be very useful in the case of a car accident. It can show whether the driver was speeding or driving dangerously before the accident.
Services enable by OBD insurance to the customer:
Telematics-based insurances are data and services that benefits insurer and insurance customer. This include crash and claim management, Anti-theft, car health, park security, maintenance, and location. Based on how often, where and how people drive can result in more attractive premium charges for those who drive more responsibly then their peers do.
- Prevents theft- GPS OBD technology helps to prevent theft and enables the tracking of automobiles. With GPS technology it is possible for insurance companies to determine the current location of a stolen car.
- Fairer premiums– the Best advantage of telematics is that it makes the insurance premiums fairer. Insurance drivers insurance premiums are charged according to their driving behavior rather than the demographic group that they belong to.
- Safer drivers- Telematics system which safe driving points and rankings to a driver in real time. This encourages drivers to drive safely as all the data of their driving behavior being save with the insurer.
Overall, the insurance market is changing and it is changing at a fast pace. ThinkRace Technology’s GPS OBD car tracker is the one-stop solution, We would say that anyone exploring the benefits of GPS tracking system for car will experience the benefit of telematics in the insurance sector. It will help you carefully evaluate and understand insurance and case scenarios most appropriately.