Telco giant Bell has announced an agreement with a telematics subsidiary of Hyundai to deliver a range of connected telematics services including security, safety, and diagnostics to select Hyundai and Kia vehicles over Bell’s national mobile network.
Insurers have increasingly been using telematics as a safeguard against fraud. In the UK, for example, data from a car’s telematics box lead to the recent sentencing of three men who faked a car accident in order to claim over £36,000 in damages. The data revealed that one of the cars was either stationary or moving extremely slowly when hit, and that the event took place in a different area than where the fraudsters reported.
Bell said its telematics services will be available to Hyundai and Kia cars, SUVs and crossovers this summer. The wireless technology will power safety and security services such as emergency roadside assistance and automatic collision notification, and connect a suite of services like remote start, climate control, local search, remote door lock/unlock, maintenance alerts and on-demand diagnostics.
“By adding Bell’s reliable and built-in wireless connection, we can provide our customers with an innovative driving and riding experience, from safety and diagnostics to the integration of third-party apps,” said Ted Lancaster, vice president and COO, Kia Canada.
Fitch ratings recently warned that insurance has been slower than other industries to adopt and incorporate technology – and while the gap is closing, those that fail to keep pace risk being marginalised.
It said telematics and smart devices for the home are a key example of areas of opportunity for the non-life industry, but insurers should also harness analytics to improve sales and retention strategies.
Using data analytics to understand policyholder behaviour in buying and renewing policies “offers significant cost saving potential” across all lines of business, said Loots.
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