What is Telematics?
Telematics is a word you’re likely to hear more and more over time. It refers to a method of capturing and processing driving data, and there are a huge number of potential applications at the moment. It’s most commonly used for pricing insurance, in a way that rewards safe driving. If you have a telematics policy, you’re effectively sending your driving data to your insurer for marking and their scoring you on how safe you are. By analysing when and where you drive and also your driving style you get a truly personalized car insurance price.
A black box sort of device, which is hard fitted into the car, is probably the best known way of capturing this data. But other options are available, like, there are mobile apps that can be used for telematics or you can plug devices into the lighter socket or other ports in your car. Increasingly they’re coming fitted as standard device in a vehicle. They capture quite a bit of data which is useful not only for insurance companies but for drivers too with telematics based insurance. For example, you can get a custom dashboard, where you can track your journeys and driving scores, also you can get feedback to help make your driving safer. This in turn will hopefully help lower your prices further, everyone wins.
There is a great deal of scope for other useful functions. Your device could alert emergency services if you’re in a serious accident at an instance. The other way would be, to send diagnostic data to a breakdown recovery service if you pass out it. This could be used to automate toll payments. The ways in which telematics could ultimately help drivers is limitless.
Telematics and Fleet Management
Fleet management companies usually help and monitor vehicles such as trucks, cars, buses and ships, etc. The duties such as, fuel management, keep a track on vehicle’s health, driver’s management and much more eventually aiming to reduce risks and costs of the business. Telematics play a key role in helping to fulfill the above demands for a better productivity and improve efficiency of the service, eventually the product itself.
The Future of Telematics.
Around the world, the automobile industry is combining and installing telematic technologyin their vehicles. This is to keep an eye on the performance of their vehicles, which in turn help in improving their performance and understanding their customers better. In the developed nations of Western Europe and North America, the usage and dependency is set to cross the 80% mark within the first quarter of 2019. In the developing regions of world, the usage telematics technology is experiencing a rapid growth as well. In consonance with statista.com, which shows the forecast of telematics market and as of 2020, it is projected to up its value to $2.2 billion.