Experimentation will boldly cross the big telematics frontier

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And breaking through this barrier to widespread acceptance of telematics services will require a great deal of experimentation and innovation among both the big and small players in the industry.

Monteforte explained: “Consumer adoption is the biggest challenge. It is the end user that, from our perspective, represents the next frontier.

“If you think about it, today UBI is widely talked about and, in some cases, really enthusiastically experimented with and so insurers are pushing this technology onto the end users.

“So now what we need to do is to transform this force that is being applied from a ‘push’ force to a ‘pull’ force. The pull coming from the consumer and the way to do this is by giving value to the end user.

“Perhaps providing a dashboard that would contain multiple services, partly insurance-centric and partly eco-centric, but that, ultimately, provide value and give multiple reasons for users to go back and consume. Whether that’s content, or consumption of goods and services related to their vehicle, or about their safety, or whether it’s about rewards with points redeemed against goods and services base on how responsible their behaviour is – this is, in my opinion, the new frontier.”

However, there will have to be a lot of suck-it-and-see experimentation not unlike Floow’s own work on the Google Glasses connectivity experiment that was shelved in January this year.

Monteforte said one of the keys to promote telematics is to find solutions for more than just the young adopters forced to accept the technology for financial reasons.

He said: “There is a wide population outside of young users that could be getting the benefits from this technology. The only way is experimenting with different services and seeing what sticks.

“It might be that some users what advice on how to reduce the cost of ownership of the vehicle, and get suites of services to achieve that, while other users may be interested in rewards for good behaviour, others may be interested in educational modules to other members of their family.”

He said, in the US, there is a growing demand for heads of families to geo-fence family members to monitor not only the locations of the young but also the older generation where the risks of confusion possibly from Alzheimer’s can provide peace of mind.

He added: “All these different services can be embedded in the digital device and consumed with very little margin of cost.

“There is an opportunity for the most progressive insurers to revolutionise this product. The product is no longer just a financial product and consumers may prefer is ‘help me manage my mobility. Give me the tools to do this’. And if this means mutually sharing the user’s risk with other people , that may work.

“The benefits are not just for the consumer by for the society.”

To this end, The Floow is working with the European Space Agency to identify areas, and even the causes, of high pollution caused by motor vehicles.

He explained: “We are conducting an anonymous survey of bad driving in the UK where we can monitor pollution by the way people accelerate and decelerate we can turn that into an approximate model of what is being emitted in terms of Nox and CO2 into the atmosphere.

“The European Space Agency is very interested in this because they can see the pollution from the satellite but only the top while we can supply that data from ground level.”

To catch up with all the latest thinking and technological developments in telematics insurance don’t miss Insurance Telematics USA 2015 this September 2-3.


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