Smart Mobility is the result of a profound transformation in mobility technology, fueled by the convergence of big data, artificial intelligence (AI), and the Internet of Things (IoT). These technological advancements have shifted traditional, siloed transport systems towards interconnected, data-driven ecosystems, where every aspect of intelligent transportation systems is monitored, optimized, and automated in real-time.
The benefits of smart mobility solutions extend beyond transportation efficiency, acting as a strategic tool to advance multiple industries and address critical challenges of society such as urban congestion, environmental sustainability, and road safety.
Forces Driving the Growth of Smart Mobility
The digital transformation is driving companies to adopt a more interconnected and collaborative framework, where traditional industry boundaries are fading. This shift enables the creation of integrated mobility solutions and partnerships across diverse sectors such as insurance technology, automotive innovation, telecommunications, renewable energy, and logistics management, to name a few.
Technology: Smart mobility, driven by connected vehicles, stands at the forefront of the IoT revolution. IoT systems for cars have become an integral part of vehicle design: by 2030, it is expected that more than 60 percent of vehicles on the road and 95 percent of new vehicles sold will be natively equipped with advanced connectivity systems.
Consumers’ Mobility Demands: The ability of a vehicle to collect an increasing amount of data, while respecting privacy requirements, has allowed third parties to develop new mobility services for consumers and disrupt traditional business models. In recent years, Vehicle-as-a-Service (VaaS) has gained popularity as consumers shift from ownership to usership and seek more flexible mobility models.
Regulations: Privacy, Security, and ESG: Regulations are pivotal for the development of the smart mobility market as they provide a structured framework that balances innovation with public safety, privacy, and environmental goals. Effective regulations help create a trusted business environment, encouraging investment and fostering technological advancements.
Main Achievements in the Private and Public Sectors
A survey conducted by OCTO with Claims Managers and Adjusters revealed that 81 percent of respondents stated that OCTO’s data is essential for making informed decisions. Over 70 percent of respondents reported that OCTO’s data enabled them to reduce the claims processing time by up to 50 percent. This demonstrates how the OCTO claims management solution, a technological innovation based on telematics data and AI applications, helped digitalize the claims processes and provided a collaborative engagement with process stakeholders. This significantly enhanced the efficiency of claims handling, adding value to the entire ecosystem and embracing ESG compliance.
Other important areas for improving the combined ratio include claims management and fraud detection. The FNOL (First Notification of Loss), which initiates the claims process, can be significantly accelerated through telematics solutions that automatically detect accidents, reducing reporting time from days to real-time. Collision data collected during the incident, when compared with the claim report, demonstrates that telematics technology increases fraud detection by 250 percent compared to traditional processes.
Insurance companies are increasingly using telematics insurance to certify their ESG policies by encouraging safer, greener driving behaviors. Tracking driving patterns promotes eco-friendly driving, reduces emissions, and fosters a more responsible approach to mobility.
Fleet Management: By leveraging IoT and telematics platforms, fleet operators can optimize their total cost of ownership (TCO), improve fleet operations, reduce fuel consumption, and minimize emissions. Real-time data collection allows fleet managers to monitor vehicle performance, plan maintenance, and integrate eco-friendly vehicles into their operations, improving both sustainability and efficiency.