Data Velocity Insurance companies aren’t used to dealing with the real time consumption of data from millions of connected cars.

Challenges

Data Volume These vehicles can create terabytes of data in an hour.

Challenges

Data Veracity Telematics data is uncertain — the signal can be noisy, and data can have missing values.

Challenges

By not efficiently using the data that’s being created, insurance companies are missing opportunities to provide new services, gain new revenue, and increase customer satisfaction.

Challenges

New

New services New revenue Higher customer satisfaction

Va

lue

IBM processes the data and enables new real-time value-added services.

New New New New

Pay how you drive

Give rates and discounts based on actual driving scenarios rather than data about group behavior.

Value-added services

VS

Pay how you drive

Can select and retain the lowest risk drivers better aligning risk and price.

Value-added services

Geo fencing Staying within defined boundaries and routes.

Value-added services

Geo fencing Alerting customers to road hazards by analyzing data from nearby vehicles.

Value-added services

Geo fencing Offering extended coverage if customers venture outside of covered area.

Value-added services

Do you wish to purchase additional coverage?

Do you wish to purchase additional coverage?

Automated first notice of loss Report incident, begin claims process and estimate severity.

Value-added services

Report incident

Start claim

Estimate severity

Automated first notice of loss Notify emergency services, towing service, rental car, or replacement vehicle for fleets.

Value-added services

Emergency services

Towing service

Replacement vehicle

Discover how the intersection of analytics and telematics can create new revenue for your business in the white paper.

Telematics for insurance

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