Telematics, Big Data and Analytics are the big three important ways that are driving the automotive industry. In this article, we will see how big data analytics, with insights from information processing, can help transform the automotive and transportation industry globally.
The future of telematics is in big data.
Traditionally, in most automotive and transportation companies, specialized business processes have always been analyzed and modeled on whatever limited empirical data or contextual information is available to them. Proper data was few and far between. However, even if the required data were available, companies were barely technologically savvy to harness all the information needed to use it. It was quite a difficult task to deal with a situation where companies relied heavily on conventional methods such as reviewing past driving records, including taking into account age and gender of individuals, local demographics to accurately predict pinpoint risk levels among your consumer base. This was random, awkward, and unreliable.
Now, with advanced big data analytics, accessibility to scores of information, and the science of telematics, they are putting current understanding in a new light, offering new topics of conversation, and creating new potential outcomes that were not really possible before. “Big Data”, as we know it, is changing everything for the better. It is changing the way vehicles are built, how they work, how we use them and how they collaborate with everything else in this world: from vehicle assembly to insurance underwriting to traffic modeling and route optimization of traffic, Big Data is changing the world. of the automobile/fleet transport industry in a big way.
Big data analysis plays a very important role in the field of telematics. The fact is that the science of telematics, which involves telecommunications and vehicular technologies, demonstrates how big data analytics can improve supply chain management, fleet management, increase throughput and dramatically reduce material costs, Not to mention the quality and safety issues that you never get. compromised using proper big data analytics. In fact, the use of relevant data leads directly to more opportunities. It is in this context that we will see how Big Data is bringing transformative elements to the various sectors of the industry, especially in insurance, finance, automotive and transportation and other sectors and improving their business processes.
Telematics to the end
Telematics is ushering in an era of great change. The way vehicles are insured and how they are driven or repaired is changing for the better.
Previously, we have seen that vehicle insurance and maintenance standards were based on some form of guesswork and rough use of available raw data. But with the use of telematics, strong data evidence can be easily accessed that can revamp entire branches of commercial companies and change the driving behaviors of drivers.
Thanks to telematics, the vast amount of data that can be obtained from vehicles can also be made available to drivers. This is also one of the great changes that telematics promises. When it comes to valid data, there are simple ways people can immediately access it from their connected car, and this same data can also be passed on to manufacturers or insurance companies for that matter. So when the data is available and accessible to users, there will be a better understanding of how their vehicles are performing, ultimately helping drivers adopt good driving behaviour. Drivers will have access to GPS-related data that will allow them to understand their driving styles, including real-time information on fuel consumption, speed limits, harsh acceleration, braking, telephone distraction, etc. All this useful information can not only affect your driving performance, but also extend the life of your cars.
Driving innovation and continued growth for auto insurance
To give you just one example: Consider the insurance industry. Using the great combination of telematics and big data analytics, insurance companies can improve their business processes to an extent not possible before.
Basically, the insurance industry is based on analysis and probability. Therefore, having adequate access to accurate and detailed data that identifies each customer’s lifestyle and risk is always in the best interest of the insurance industry. This is an area where telematics has been adding a lot of significant value propositions that are very important to both insurance companies and their equally paying customers.
With telematics and big data analytics, insurance companies don’t have to resort to guesswork to set their clients’ premiums. It has allowed insurers to reward policyholders, who show good driving behavior and check their health stats, with lower vehicle premiums and reimbursement offers by taking the guesswork out of the equation. This is nothing more than a big data approach to telematics insurance.
Telematics sets positive trends and has grown exponentially in recent years. The positive impact it has on businesses and consumers is proving to be a win-win deal. And as far as telematics is concerned, Big Data would also be there, working hand in hand. Not only consumers, but also car manufacturers and service providers will greatly benefit from the combination of big data and telematics. And since the relationship is truly symbiotic, big data will be the future of telematics. Embrace big data and telematics in a big way!