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Take the guesswork out of telematics

A Big Data message to Insurance Telematics Europe 2013

The Insurance Telematics Conference, held in London over May 7-8 at Victoria Park Plaza proved to be a successful event, bringing together industry pioneers and leaders from all over the world. Among the impressive list of speakers at this year’s gathering was also Octo’s own Chief Marketing OfficerJonathan Hewett.

It is no secret that the insurance telematics industry grows more competitive each day, as many discussions at the conference have stated. The only way to stay relevant in this fast-paced field is to drive claims costs down, and to raise business premiums in profitable segments. With that thought in mind, Mr. Hewett urged insurers to adopt a Big Data approach, in other words, a more solid and fact-based data approach.

Big Data, even though it is a hefty job to analyze, can ultimately help insurers track trends and produce high quality research, all of which will lead to less guesswork in drafting business strategies and plans. Mr. Hewett explained that utilising Big Data will not only cut claims costs and improve road safety, but it will also lead to price quotations for consumers that are “based on facts, rather than predictions.” Or, less guessing and more certainty for companies.

Since data analysis is what leads businesses and insurers to make the decisions that they make, we should be even more interested in Big Data. As Mr. Hewett emphasized in his speech, “without doing the detailed work and analysis you may be guessing!” Simply, any direction that a company decides to take, no matter how small or large, should be based on the most informed data available: Big Data.

Not only useful for insurers, telematics providers should utilise Big Data as well, for any fruitful organisational telematics plan must also be adopted successfully, explained Mr. Hewett. Using this detailed, large, and complex analysis on all fronts of the insurance industry ensures a win-win situation for the insurer and the telematics provider, but most importantly, also for the consumer.

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