Insurance companies are the one who faces a lot of challenges in their entire journey of business management like fraud claims, customer satisfaction, and risk assessment and so on. All the insurers should thank the emergence of digital technologies for providing insurers with a second chance to transform their business models, products and services and most importantly customer engagement model.
For insurance companies, new avenues are coming up with more revenues, productivity, and higher expansion. It’s time for you to prove your efficiency in this competitive world and stand out with a unique identity.
When we talk about progressive countries, then France is the one which is counted under it, as the insurers there are updated with a tool called plug & play device to monitor their customers’ driving habits. Based on their mileage and hard brakes, customers could be eligible for a discount on their monthly payments.
New ways of Driving more Efficiency, Effectiveness, and Growth
Some new addition is there in the auto car insurance industry, which plays a significant role in decreasing the burden of the manual process. Have a quick look points which are mentioned below:
UBI: A new term in the insurance industry, which stands for usage-based insurance and is completely new in the market for various kinds of offerings like Pay as You Drive (PAYD), Pays How You Drive (PHYD) and so on. These types of offerings are still emerging and dependent on goals, including mileage control, driving behavior control, car fleet management and vehicle-sharing.
According to a Research, approximately 36 percent of all auto insurance carriers are expected to use telematics UBI by 2020. UBI had already started making a place in the market as tested by many insurers. But still, there are a lot of insurers who are still behind in the race of success, growth, and digitalization. So it’s time for a change to awake and grab the power of well-known solution for your auto-car insurance business.
Claim management is now easier: with the help of existing technology insurers can improve the customer experience while facing a claim. This can’t be possible without the latest embedded technology built by car manufacturers and technology companies, which also allow insurers to streamline the risk prevention, motor claims and repair processes.
Customer Insights: Gaining customer insight with real data can really help in solving customer problems in real-time with the right approach and also helps to develop a trusted relationship.
OBD Tracker Technology – A New platform for insurers to grow their business
From significant pressure to digital transformation, the priority for auto insurers is to re-evaluate their business model in order to be in a good position for competing with any potential “digital” new entrants/new models into the industry.
To stay competitive in the industry of your interest you should participate in every single thing what is going on in the trend. And this time, for insurance companies the most requisite transformation in the business model is to decrease the burden of manual pressure. And this can be only possible with the auto GPS tracking device. From real-time location to pre-diagnostic history all can be tracked through an OBD Tracker Technology.