»Pay-As-You-Drive« and »Pay-How-You-Drive«: »User-based insurance solutions« are mainly about the customer paying. Even worse, this kind of special telematics solution enables insurance companies to track and record the movement and behavioural aspects of drivers. Actually, that's the essential functionality.
The two new telematics solutions for the auto insurance market »PAYD« (Pay-As-You-Drive) and »PHYD« (Pay-How-You-Drive) from Qualcomm Enterprise Services Europe are supposed to enable insurance companies to correlate the cost of motoring insurance directly to vehicle use measured against time, distance and place. This solution can be available in the autumn of 2010.
(Photo courtesy of Michael Tyas)
PAYD and PHYD solutions will give auto insurance companies access to a full suite of features, ranging from standard data, such as accurate kilometres/miles, reporting to complete accounts of the time of day and types of road driven and to detailed reports, statistics and alerts on driving behaviour. With this information insurance companies have the opportunity to improve the accuracy of their customer segmentation by identifying those drivers representing higher risks and implement accident prevention strategies targeting these drivers, as well as launch differentiating services to acquire new customers. A side effect is the access to more reliable and accurate data in the event of crashes, claims and frauds.
(Bill Karnazes, picture credits: Qualcomm)
»With these new services, we are positioning ourselves as a technology provider and collaborator for firms in the auto insurance industry,« said Bill Karnazes, managing director for Qualcomm Enterprise Services Europe. »With our new solutions, these insurance companies can fine-tune their offerings and develop a new type of pay-how-you-drive policies based on driving behaviour, taking into account a set of complex variables.«
(Photo courtesy of Michael Tyas)
PAYD and PHYD solutions will give auto insurance companies access to a full suite of features, ranging from standard data, such as accurate kilometres/miles, reporting to complete accounts of the time of day and types of road driven and to detailed reports, statistics and alerts on driving behaviour. With this information insurance companies have the opportunity to improve the accuracy of their customer segmentation by identifying those drivers representing higher risks and implement accident prevention strategies targeting these drivers, as well as launch differentiating services to acquire new customers. A side effect is the access to more reliable and accurate data in the event of crashes, claims and frauds.
»With these new services, we are positioning ourselves as a technology provider and collaborator for firms in the auto insurance industry,« said Bill Karnazes, managing director for Qualcomm Enterprise Services Europe. »With our new solutions, these insurance companies can fine-tune their offerings and develop a new type of pay-how-you-drive policies based on driving behaviour, taking into account a set of complex variables.«
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