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Insurance Companies |
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A complete range of solutions for Institutional Customers
Telematics based solutions have become a commonly used instrument with a wide range of applications in varying fields.
The big potential impact of telematics on the world of insurance is beyond discussion .
The safety & security sector was the first to experience a successful employment of telematics. From there onwards the technological evolution has brought telematics to new heights and introduced its advantages to numerous new areas.
The challenge being faced by the telematics community today is to identify the ways of exploiting this vast potential in order to obtain immediately available advantages.
The answer to this challenge is finding the right partner – a partner that is able to provide the best solutions of today and foresee the developments of tomorrow.
The combined emergence of low-cost GPS receivers and highly skilled private service providers has spurred the development of an increasing number of satellite-based positioning applications.
In the automotive industry, satellite-based positioning offers promising services, the most perceivable being from GPS-based Pay-As-You-Drive (PAYD) insurance solutions.
Insurance companies can also benefit from anti-theft and/or after-theft programs (links).
Real-Time Risk Assessment is also possible.
The insurer benefits from location and attitude-based driving information (where and how the driver is driving), improving the policy design, while providing the maximum privacy.
Pay-As-You-Drive changes vehicle insurance from a fixed cost into a variable cost by pro-rating premiums per mileage, thus benefiting those who drive less. The more miles driven, the higher the premium, the less driven the lower the premium. The unit of exposure changes from $/annual premium to $/mile.
PAYD solutions are more actuarially accurate than previous models such as odomedeter audits and incentive-based approaches. PAYD permits mobility-based premiums, time of day risk assessment and road-based risk assessment with minimal infrastructure costs.
PAYD results in fairness and equity
Does not overcharge low-risk drivers and provides "affordable " insurance to high-risk drivers
PAYD is good for consumers
In a pilot program PAYD participants saved an average of 25% off their premium
PAYD is good for the environment
PAYD is expected to reduce driving 10-20%, meaning fewer traffic jams, less air pollution, less energy consumption
PAYD is good for insurance companies:
- Less time on the road equals less accidents.
- Insurance companies offering PAYD programs may see an increase in market share and ROI is quick.
- The availability of in-vehicle GPS is increasing and this is broadening the ability to offer PAYD insurance. Consumers therefore would bear no additional hardware costs for PAYD insurance.
- PAYD-enabled system offer far more flexibility to policy designers.
ALTEA can provide complete PAYD and After-Theft solutions to insurance companies, ranging from hardware to helping the insurer design the final policy design based on years of experience providing insurers Location-Based Services. Altea will provide pilot project solutions based on its proprietary worldwide network of dispatching centers and help insurers fully exploit their CRM.
YOUR GOALS, OUR SOLUTIONS
Altea Location-Based Services:
- A more accurate risk underwriting
- Avoiding averaging
- Capitalize on new sectors
- Detecting fraud
- Improve customer service
- Cross-sell additional services
- Reduce vehicle theft
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