INSURANCE: Insure Telematics to Shake Up Short-term Insurance
Recent Gauteng Business News
Insure Telematics is working with South Africa’s leading vehicle tracking companies - including Altech Netstar, Digicore, MixTelematics and CarTrack to offer a unique driver profiling service to the insurance industry.
The Insure Telematics “driver profiling engine” takes data, including speed, location and distance driven, all supplied by the tracking companies on specific authorisation from insures, and creates detailed profiles of every driver. Insurance companies, in turn, use these profiles to tailor-make packages for their customers.
Uniquely, Insure Telematics is also able to include information about driver attitudes, based on factors such as acceleration and braking patterns, and the frequency of lane changes. “We do, however, keep personal client information confidential at all times,” stresses Insure Telematics MD, Johan van der Merwe. “We use statistical information to create the risk profiles, without compromising the client’s privacy.”
Van der Merwe says the company’s relationship with the vehicle tracking industry is critical to its business. “They are experts in their field. When we first started out, we thought we might have to develop our own tracking device, but the industry has been able to deliver everything we’ve asked for and more.”
Van der Merwe, who has over 20 years experience in the insurance industry, including as marketing director of Budget Insurance in the UK, says Insure Telematics is essentially a technology business with expertise in both software development and the short term insurance industry. “My years of involvement in short term insurance give me the advantage of really understanding the needs of the industry, as well as how different factors affect rating,” he says. “Those in the industry who are thinking ahead understand that individualised premiums are the way of the future, and that is what we support.”
The Insure Telematics solution will make its global debut in Chicago this month at Insurance Telematics USA 2010, the first conference ever to focus specifically on this industry. “It’s a beautiful time to be in this market,” comments Van der Merwe. “Telematics is going to drive the next wave of innovation in the short-term insurance industry.”
Business News Sector Tags: Business|