7 Essential Data Capabilities of Telematics Devices

1. Basic data monitoring

1. Basic data monitoring: Track core measurements such as miles driven, time of day and rate of speed.

2. Driver diagnostics

2. Driver diagnostics: Use hardware to identify risky behaviors, e.g., hard braking and cornering.

3. Asset/enviro impact analysis

3. Asset/enviro impact analysis: Using the data, glean reports on metrics such as fuel consumption, efficiency and carbon footprint.

4. Advanced driver diagnostics

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

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

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

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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