Orpheus helps free online interracial dating sites Australia’s 1st telematics insurer go-live.
Exciting times for Insurance in Australia as Orpheus helps Insurance Box become the 1st Telematic insurer in Australia.
At Orpheus, we feel Australia is at a turning point for telematics to come of age, but only if appropriate attention is paid to how the technology and data can be used to manage risk and enhance customer engagement and not just be “Big Brother” watching.
Insurers will be watching carefully to see how Insurance Box performs, but there is no doubt in our mind that Telematics and later “Pay as you go” insurance will be a big hit in Australia. There are now already a number of significant benefits to both consumers and insurers, such as first notification of loss and automatic distress calling in the event of a serious accident. The list will just grow.
The ability to correlate the GPS data from the ‘black box’ in the vehicle with external location data, together with other data streams derived from the car’s systems provides an unprecedented level of insight that will enable insurers to quickly ascertain which claims are worth investigating and which risks are worth insuring. And with the right analytics in place for customers to understand their driving style, telematics can encourage behavioural change in drivers to lower their risk profile and hence their premium .
We feel Telematics offers far more than just a lower price. Right now we can already see that telematics insurers will have access to a wealth of data, that will allow them to build deeper relationships with their customers. Combine this with data from white lable insurers and supermarkets – and opportunities are endless – vehicle service notices, live traffic and parking information, automated calls to the emergency services, anti-theft measures, road safety initiatives and personalised offers for shops the customer frequently visited are just some of them.
These are early days but insurers must be mindful that they’re not the only ones for whom telematics presents a business opportunity. Automotive manufacturers, telecom operators and many others are also looking on with interest. Our advice would be to act fast and be ambitious if the full potential of telematics is to be harnessed in building more profitable lifetime relationships with customers.