Telematics Boxes on the Horizon
Or at least that’s the prediction of a highly-respected insurance industry consultant. Ofir Eyal works with the London office of the Boston Consulting Group, and his specialty is vehicle insurance strategy and risk management. He spoke at the Insurance Telematics Europe conference in London, and attention was rapt as to his opinions about the use of telematics and the expressed interest of the UK government. Eyal said that great interest is being shown in the steps that Italy has taken in this area.
In Italy, telematics use is growing, and the same type of growth is anticipated in the UK.
The products are installed in vehicles and track a variety of metrics that are key indicators of risk for drivers. The different products vary from straight-forward tracking and GPS instruments to those that follow drivers’ behaviors to assess risks. They measure the distance that drivers travel, time, speed, location, and more and determine, based on the criteria provided by these metrics, whether a driver is a good risk or not.
For fleet managers, the tools can provide valuable information about the safety being exercised by their drivers, as well as a number of behaviors that can drive up costs such as fuel consumption and the impact on the vehicles that they are driving.
Though there is no indication that the UK is considering making the use of any of this type of device mandatory, they have expressed open and enthusiastic interest in what they refer to as “the potential to reward safe driver behavior and penalize financially those who do not drive safely.”
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