Two weeks ago, Prime Technology Group, LLC served as a proud exhibitor at this year’s Automotive’s Insurance Telematics USA 2015 conference in Chicago.
Accompanied by over 70 industry expert speakers and 800 senior level attendees, Prime joined in on the discussion about telematics, also known as Usage Based Insurance (UBI). While the idea of using telematics data to generate personalized pricing and provide meaningful information appears simple, in reality, it is a very complex process that requires the use of high-performance analytics, a specialty of Prime’s.
Because the velocity of big data coming into an organization, especially that arising from telematics, can be very difficult to manage, the ability to quickly access and process varying velocities of data is critical. Insurance companies should consider telematics a “stream it, score it, store it” approach that enables analytics to be applied on the front end to filter out unimportant data or insignificant information.
However, the benefits to the consumer are just as, if not more, appealing than the benefits to the insurer.
Taking the form of a UBI mobile telematics application, Prime’s Telematics Solutions not only collects, stores, manages and analyzes vast amounts of variable data like driver’s speed, hard braking, rapid acceleration, location, drive times, traffic levels, driver vs. nondriver, and geo fencing, it offers the consumer 14 unique features including: direct marketing, traffic reports, weather, driver improvements, claims filing (image/video capture, location of the incident, audio/video, traffic/weather at the time of the incident), PathFinder, and a teen driving program coupled with a parental portal.
“We are using this as an engagement model with the client and trying to promote good driving behavior through the use of telematics,” Aaron Moore, VP Sales-Insurance, explained.
Specific talking points that dominated the 40 innovation sessions included claims enhancement, integration, consumer opinion, automotive technology, and the evolution of data collection. Among the many prestigious UBI executive speakers, were David Pratt, General Manager, Progressive; Kim Minor, Global Insurance Leader, Data & Analytics Marketing, IBM; and Nikola Ristivojevich, IT and Strategic Analyst, Ford, to name only a few.
To learn more about Prime Technology Group and Prim’s Telematics Solutions, visit us at www.PrimeTGI.com.
Prime Technology Group is a global, technology services company where innovation is at the core of our business engagements. Headquartered in Wayne, PA, we have successfully orchestrated technology visions for our clients. How do we do this; simply we listen. Prime develops flexible and customizable frameworks, driven by our robust R & D, which become the cornerstone of our solution offerings. Our portfolio includes the following practices Cloud (Google PAAS, Microsoft Azure), Mobility (IBM Work Lite), Analytics (Big Data, Predictive Analysis), and Quality Assurance. We have successfully helped leading companies in Healthcare, Insurance, Life Sciences, Banking, Financial Services, and E-commerce. Our imprint has drastically affected client growth; we are Prime Technology Group, where we are “Bringing visions to life.”