The use of telematics is a growing trend, with more and more companies relying on telematics devices and sensors to monitor behavior. (Photo: Shutterstock)
Modern technology, such as telematics, which combines telecommunications and vehicular technologies, and the Internet of Things (IoT), is transforming how insurance companies do business. While the explosive growth of usage and diagnostic data being generated from these connected devices and sensors has dramatically improved risk management, it has also created a data management nightmare. Insurance companies' already data-intensive operations have been drowning in data, and thanks to telematics, the problem is only getting worse.
We all know that compiling a complete view of the customer for enhanced underwriting and more effective sales and marketing has been a consistent and long struggle for the insurance industry. Telematics, by itself, cannot complete the customer view and can create an incorrect picture if not properly utilized. For example, to achieve a Customer 360, an organization must connect and make sense of all the data it collects. However, this is harder than it sounds because data originates from a variety of sources, comes in numerous formats, and is stored in different systems.
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