When I first started working with the InsureMy team, I was eager to impress with my insurance knowledge. It took no time for me to realize I still had a lot to learn. I had the basics, but with a group as resourceful and innovative as these guys, the basics are just not enough.
It’s here that I first learned about telematics – this was pretty much Greek to me at the time. ‘Telematics’ is a combination of the words telecommunication and informatics, and it is the technology of sending, receiving, and storing data from a remote location, for insurance purposes this location is usually your vehicle.
This maybe the first time you’ve heard the term, but you’ve definitely seen the technology in action, it’s not new. Think of in-vehicle services like On-Star, wearable health/fitness trackers, or even home security systems; many of these services are available or enhanced through the benefit of telematics.
Why is this important?
It’s good to know because telematics is changing the way we approach the road. Integrating the information collected from a vehicle empowers consumers and provides value in many new ways.
- Safety When it comes to safety, commercial fleets have long been using telematics to track hours driven, locations, driving behaviors, and vehicle maintenance. This data makes a fleet managers job far more manageable with products such as Effective Fleet Management. However, there are benefits to driver safety for the personal driver too.For example, programs like New Driver Intelligence use driver data direct from the vehicle to help parents coach new drivers with factual information that can identify areas where improvements are needed or advise on actions worthy of reward. The result is a confident, skilled generation of smarter drivers and safer roads for all.
- Savings Thanks to telematics, products like Time Based Insurance are possible. This allows fleets year round coverage for vehicles that transition out of use seasonally or operationally, and offers a premium refund to qualifying commercial customers for times when vehicles are not being used. This is a huge benefit to a business at anytime, but in the face of economic downturn it just might be a lifesaver.Savings aren’t just reserved for commercial customers though; some insurers are offering discounts just for monitoring and improving your driving habits with telematics. Although this is currently only available to Ontario drivers, it likely won’t take long to see this take hold in other provinces too.
- Eco Awareness And finally, for those looking to minimize the environmental of impact of their driving, telematics offers the opportunity to track usage so that you can manage the amount of time you spend behind the wheel and occasionally opt for alternatives to do your part. It’s also a great way to track vehicle maintenance, staying on top of this can help keep the air a little cleaner too.
There is definitely more opportunity for telematics use on the horizon, and InsureMy is leading the way in smart product delivery. If you want to stay in the loop on the latest telematics news, be sure to add your email here to stay in the know.
Have More Questions?
Let me know and I’ll do my best to address it here for you and all of our readers. Better yet, contact an InsureMy advisor; these guys know their stuff. Email Info@InsureMy.ca or give them a call locally at (403) 410-1896 or toll free at 1-844-410-1896.
Everyday Insurance With Allie
Working mom, lover of the great outdoors and self-professed know-it-all. Our resident blogger, Allie isn’t the insurance guru she claims to be – but she’s learning and we are happy to help guide her. All the while keeping you in the loop on the “insurancey” stuff you need to know. #AskAllie