The Internet of Things
The Internet of Things refers to a state where the majority of machines, devices, systems and platforms are connected through embedded or wearable devices to connect and communicate with other machines and devices. This provides a platform by which to analyse, optimise and develop processes so that individuals’ lives are improved and communities, businesses and governments are made more efficient.
This technology is projected to be used for insurance purposes on a large scale, with many insurers tracking their customer diaspora globally in order to more accurately gage levels of underwritten risk. Our range of datasets can enable your company to gain accurate readings of customers’ locations, allowing meaningful insights into a range of contextual factors and ultimately leading to a significant reduction in both claims and pay outs.
Road Route Risk Analysis
Road Route Risk Analysis involves analysing the conditions encountered by one or more mobile assets including the routes taken and the condition and types of vehicles involved, calculating an insurance cost based on the assessed safety of the journeys. This creates fairer rates, saving money for the best prepared and more accurately reflecting the journeys with the most associated risk.
By combining this tracked data with our geospatial datasets, we can accurately map out your customers’ daily routine to indicate their day-to-day practices. DriverHalo™ brings geospatial data to your tracking data to transform your consumer profiling, minimising risk, reducing pay outs and ensuring that your premiums align more effectively with your customers’ lifestyle than ever.
Live Estimated Time of Arrival (ETA’s)
Continuously surveying the movement of a given client vehicle and its proximity to its next destination means that you can calculate an up to the minute estimation of when it will arrive. With this, you can measure the safety of the insured vehicles and their associated risk as insurance propositions.
Advanced Driver Assistance Systems
It is crucial to understand how the next wave of Advanced Driver Assistance Systems (ADAS) will help drivers whilst driving, including Intelligent Speed Adaptation (ISA) which will reduce the number of claims and claims frequency and therefore the pricing models currently offered by insurers.
Intelligent Speed Adaption (ISA) refers to a range of in-vehicle systems that revolve around making drivers aware that they are breaking the speed limit, and in some cases, actively curtail this illegal activity. ISA systems are soon to become a central part of usage based insurance, and will form an important part of how premiums are calculated.
At Mapmechanics, we can augment your tracked customer data with geospatial information to provide an unparalleled insight into customers’ routines and interests. Beyond this, we can also track significant changes in customers’ behaviours to ensure that your customer profiling is always up-to-date, allowing you to reduce risk and keep pay outs down.
Monetizing Your Data
If you have a big dataset of locational or road-related information, we can take steps to reorganise, fuse, and repackage it in the process of monetisation. In many cases, one seemingly unusable set of data can be analysed, augmented and resold in unexpected and niche ways for use in markets you may have never thought of before.