Services for connected cars are usually evaluated by whether they’ll benefit the automaker and/or the consumer. Looking beyond push notifications for the nearest fast-food joint, there could be some societal benefits from these services. This article examines the potential for social good.
Automakers, insurers and startups would love to think that, by providing feedback on your driving, you’d get better. You’d have fewer accidents and voila, your rates would go down.
Too bad we’re so self-righteous about our driving abilities. (Studies show that about two thirds of us think we’re better-than-average drivers.)
Do you want a beep to annoy you when you speed? A score at the end of each drive? How about a friendly conversation with a live human?
Read about the different tactics they’re trying to get us to drive smarter.
Providing same-day coverage of conferences keeps me focused and thinking, as I try to make connections between what different speakers say and identify trending topics. I recently wrote same-day wrap-ups of FC Business Intelligence’s Insurance Telematics USA conference. (Insurance telematics, also known as usage-based insurance or UBI) refers to the various hardware and software applications that let insurers get an accurate view of customers’ driving behavior.)
Day Two: What UBI Do People Really Want?
Gamification — using elements of play to make tasks more engaging, interesting and/or rewarding — certainly works for me. The task for auto makers and insurance companies is to use gamification to encourage good driving behaviors without being distracting.
When it comes to usage-based insurance, a device that plugs into the OBDII port is most accurate, while a smartphone-based product is cheaper for the insurer and easier for consumers. LexisNexis is experimenting with combining them.
Insurance telematics is a great idea: A driver installs a device in the car that tells the insurer how she drives. Selling this to consumers is the first battle. This podcast with Frederic Bruneteau, managing director of Ptolemus Group, has intensively studied various products — and failures — in Europe and North America.
The industry calls this technology “usage-based insurance” or UBI.
In this podcast, we discussed the few success stories and the danger that insurers without a telematics offering might end up with the worst drivers as customers.
Telematics and Market-Specific UBI Solutions with Frederic Bruneteau