fbpx
Thursday, 03 September 2020 17:46

Telematics and Vehicle Build Data---the Next Frontier for Auto Claims

Written by Bethan Moorcraft, Insurance Business Magazine

Index

The next phase in the evolution of auto insurance claims will be heavily influenced by two key elements---telematics and vehicle build data.

Telematics tools are growing in popularity around the world. The data collected by telematics devices provides insurers and claims adjusters with information, such as how fast a vehicle was traveling, whether there was any hard or erratic breaking, the mileage driven, as well as the GPS location of specific incidents.

 

Vehicle build data is essentially a complete picture of what a vehicle was equipped with when it rolled off the assembly line.

 

William Brower, vice president of auto claims at Lexis Nexis Risk Solutions, recently included vehicle telematics and build data in a blog post entitled, "Five auto claims trends to watch in the 2020s."

 

“Historically, claims handling has been focused on the individuals involved in the loss and the police crash report to determine the loss details," he wrote. "Now with the addition of telematics and build data, insurance adjusters can gather key data points immediately at time of accident with a push of even more real time data integrated into the claims system.”

 

For true progress to be made in the telematics and vehicle build data arena, insurers have to develop stronger partnerships with automakers and original equipment manufacturers (OEMs). Brower described this relationship as a “growing co-dependence” that requires a large degree of participation from all parties.

 

“More and more automakers and OEMs are getting on board with this idea,” he told Insurance Business. “There’s one thing that we all have in common, whether you’re talking to an insurance professional, the OEM or a body shop, which is that we all want to make sure our shared customer receives a safe and quality repair on their damaged vehicle.”


Previous Page Continue reading »

Read 330 times