Insurers to get real-time telematics data
Insurance companies could soon be able to access real-time data from fleets’ telematics systems in real-time, helping to more accurately set premiums for commercial and private policyholders.
Developed by Collision Management Systems (CMS), the software can receive data from multiple telematics providers and different devices, then standardise it to produce real-time intelligence about how vehicles are being driven.
CMS said this could help insurers to build better commercial pricing models and be more profitable, while also aiming to reduce the frequency and severity of claims.
Charles Smith, CEO of CMS, explained: “Commercial insurance customers have a wide range of third party telematics solutions installed. Meanwhile personal lines insurers increasingly have to deal with large amounts of data from a range of connected cars. Up until now there has been no simple solution to help them cope with the scale and diversity of devices, data formats and information streams.
“With our software, they can now instantly collect and analyse data, from any source using a single platform and with minimal effort.”