Telematics Companies Are on the Rise
In case you didn’t catch our recent blog post, telematic technology is catching on fast in the auto insurance world. For instance, Progressive Insurance announced that 30% of their new customers now use black box devices in exchange for discounts—giving them over 10 billion pieces of data to study.
Telematics companies are also evolving with a bigger picture in mind—the driver experience. If you’re interested to see how telematics will impact your life beyond your insurance rates and what companies are doing with this emerging technology, here are three innovative frontrunners to watch out for.
Get used to this name because Agero is posting some big numbers for their presence in the car insurance world. Currently,
- 75% of new vehicles come with Agero’s telematic devices
- 70% of top insurance agencies employ Agero’s technology
- 75 million people currently drive with Agero’s black boxes in their cars
In addition to their large presence in telematics car insurance, Agero is also expanding to the customer service realm. With their Roadside Connect Service, Agero aims to assist drivers who get into trouble on the road. Using this convenient app powered by telematics technology, Agero will open communication between drivers and tow truck companies. If a driver breaks down or needs a tow truck, they can input their location and driving problem into the app and nearby tow truck companies will be alerted. The drivers will then get real-time GPS updates of where the tow truck drivers are and when they’ll be there to help. Not only will this speed up the towing process, but it will give drivers peace of mind that help is on the way.
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The global leader in insurance telematics, Octo has built a big brand over the past ten years. Today,
- Octo represents 50% of all vehicles that participate in telematics insurance across the globe
- Octo has 141 worldwide insurance partners (including 8 of the largest), car manufacturers and rental companies
- Octo gains about 172,000 new customers per month
Instead of settling with being a top provider of insurance telematics, Octo is also partnering to make the road a safer place for teen drivers. According to the CDC, car accidents are the leading cause of death for U.S. teens. In fact, those between 16 and 19-years old are three times more likely to be in a fatal crash than drivers over 20. In order to lower these scary stats, Octo is partnering with a Virginia-based insurance agency, Rockingham Group, through an initiative called, Try&Drive.
Originally designed as a platform to help small to mid-sized insurance agencies adopt telematics insurance policies, this particular partnership will use the technology to educate teens about how they’re driving and give them incentive to drive safer.
Inrix may not provide insurance agencies with your driving information, but they will help you find a parking space in 80,000 parking lots and garages in 31 countries and alert you with extremely accurate traffic predictions and conditions when you’re on the road. Working directly with auto manufacturers like BMW, Toyota, and Ford and with drivers through smartphone apps, Inrix’s technology:
- Extends over 4 million miles of road in 40 countries
- Interacts with 175 million vehicles, smartphones, cameras, and other sensors
From auto insurance telematics to customer convenience uses, telematics are already reshaping the way we drive. Down the road, we’re sure to be spoiled with new developments that will enhance our driving experience.
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