INOSAT developed InoInsurance, designed especially to answer the needs of insurance and leasing companies in a market that is preparing to gain momentum. InoInsurance is a telematics solution that allows companies to track kms driven, collect information on drivers actual performance, being also able to provide feedback that allows the improvement of driving performances and vehicles efficiency.
By using InoInsurance, insurance and leasing companies can analyse customers driving habits such as, total distance travelled by each vehicle, period of time the vehicle is used, type of roads where is being driven. InoInsurance also provides insights on driving behaviour by analyzing speeding habits, braking and accelerations. Usage based insurance looks at the information provided by telematics technology and allows companies to segment customers, not by demographic characteristics such as gender or age, but on actual behavior and level of risk, enabling lower premiums to safe drivers while penalizing rash drivers.
Telematics technologies allow companies to locate stolen vehicles in real time, download historical routes, and immobilize vehicles remotely. Having access to this information insurers and leasing companies can detect frauds and verify the authenticity of claims therefore reducing financial losses with actual events and by recovering stolen vehicles and fraud related losses.
Customer retention costs much less to any type of business than new customers acquisition. By providing customers an added value product, companies will be able to increase loyalty and create barriers to the exit. Telematics technology allows further interaction with customers by offering value-added services and creating communication points, for example driving education programs, information on crash or collision both on alerts and crash scenarios analysis (speed, directional travel and force of impact).