7 Essential Data Capabilities of Telematics Devices
1. Basic data monitoring: Track core measurements such as miles driven, time of day and rate of speed.
2. Driver diagnostics: Use hardware to identify risky behaviors, e.g., hard braking and cornering.
3. Asset/enviro impact analysis: Using the data, glean reports on metrics such as fuel consumption, efficiency and carbon footprint.
4. Advanced driver diagnostics: Use device features for advanced trip logging, driving metric trends and mash-ups with third-party data.
5. Vehicle and other services: Value-add services such as accident notification (especially appealing to parents concerned about their teenage drivers), vehicle recovery, navigation, geo-fencing and alerts.
6. Driver feedback: Provide drivers with not only useful feedback, but price incentive to act on that feedback, which can provide customized tips for improving driving habits.
7. Modeling datasets: Historical telematics, premium and claims data is readily available and waiting to be used for analytics and modeling purposes.
A report from Deloitte outlines the best ways to keep consumers happy and innovate business processes using the data that telematics devices provide insurers.
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