In a world where consumers continue to share and trade more data and information in exchange for services, it’s no surprise that an abundance of data now exists. The data itself is of little value; the insights and intelligence found within the data are what provide true intelligence. Data insights are valuable to business in a wide variety of industries as they help drive cost efficiencies, open new revenue possibilities and provide new engaging experiences for consumers. One industry that is benefiting significantly from data, particularly real-time data, is the auto insurance industry. By having access to telematics data of drivers’ behaviors, auto insurers can transform their business model to ensure higher profit, all while providing digital offerings better suited and personalized for their customers such as mileage-based insurance, usage-based insurance, and more.
IMS is a leading connected car solutions provider delivering services and analytics to insurers, governments and enterprises. Our team of data scientists has analyzed over 5 trillion data points collected from drivers in the US, Europe and Canada. This team has uncovered information which is certain to challenge conventional thinking on driving behavior and safety. IMS is recognized by industry and analysts alike for superior data and analytics powered by machine learning and artificial intelligence. Leading auto insurers are using our data insights to:
1) Understand policyholder driver behavior to better assess risk versus traditional means.
2) Identify areas of automation and cost savings.
3) Generate more relevant products and programs for their policyholders.
IMS’ recent data insights report leverages IMS’ aggregate pool of telematics data to address some of the leading auto insurers questions, myths and hypotheses around driving behavior. Examples of questions addressed by the report include:
- Among the USA, Europe and Canada, which country/region has the safest drivers?
- At what time of the day do drivers speed the most?
- Which OEM car brand is driven the safest?
- When comparing urban, country and highway roads, which do drivers speed the most on?
For excerpts of the data driven insights and answers to these questions, be sure to read IMS’ latest infographic titled, 2018 Driving Behavior and Safety Insights.