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- Feature Extraction from Telematics Car Driving Heatmaps by Guangyuan Gao, Mario V. Wuthrich :: SSRN
Paper statistics. Although the insurer may be perceived to be better off by reducing high-risk fleets, fleet insurance is usually provided with general business cover. In this respect the insurance company may be forfeiting losses from fleet coverage but also profits from the other insurance covers offered to the same client.
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TBI data would need to be aggregated for each fleet owner, which involves some technical challenges. Furthermore, in order to produce adequate TBI pricing, data collection needs to be implemented for a period of time, most insurers pointed out a minimum of three years, and at significant expenses in actuarial analysis. Furthermore each insurer may not have enough data to develop fully credible rating factors and no industry standards, such as the availability of mortality tables used in life insurance pricing, are available.
The telemetric unit could act as an all-time road speed-camera and the insurer would penalize according to the extent of speeding over and above specified national road limits. Fleet owners argued that road limits are unnecessarily stringent, also deliveries may take longer to be completed and 'time means money'. This emphasis is also dependent on the nature of the business conducted and reflects similar findings by Lahrmann et al Furthermore telematic data was criticized for not accounting for road circumstances, such as hard breaking justified by third parties' lack of driving skills.
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The confidentiality of telematic data was not raised as a key issue by most fleet owners apart from garage hire firms and fleets that included management cars used for personal commute. Notwithstanding, insurers and tracking providers are bound by the Data Protection Act and commercial and insurance contracts should seal trust by their very nature. Furthermore, multiple insurers stated that they have no interest in looking at a proliferation of data unless there is a claim, and data for the day of the incident is requested. Lack of economies of scale hinders the significance of a discount to fleet owners.
Consequently fleet owners may not seek to implement a tracking reward. Telematics based devices provide the opportunity for a holistic risk management approach rather than just for pricing premiums. For example, Tesco UK installed speed tracking and drivers who exceeded the speed limit more than three times were sacked.
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In so doing, it reduced fuel consumption and accident occurrence and was then able to pass on this cost saving to its clients, in turn encouraging demand and improving profits EMCC, Insurers are seeking a change in the premium rating structure as they are recognizing that the value of the vehicle on which a rate is applied in order to determine policyholder's damages may no longer be sufficient to cater for partial losses, in a scenario where the price of spare parts are rising and market values decreasing. Early-adopters of TBI will be geared-up for eCall Systems, which will become a compulsory feature of cars manufactured after The European Commission's eSafety movement is pilot testing this emergency call system where, upon the deployment of airbags, a call to emergency services is triggered.
The unit also sends the exact geographical coordinates of the car and the Centre operator will dispatch a police car, ambulance or fire engine as required European Commission, An insurer adopting TBI schemes and incorporating an eCall button will be looked up to, as this is a contribution towards enhanced safety on the roads. Finally TBI is a good exercise for corporate social responsibility as decreased vehicle use would result in better environmental conditions.
Fuel consumption can be controlled by driving behaviour; such as hard braking, sharp turning and sudden acceleration; recorded by a telematic device. An insurer adopting this system and marketing this feature would enhance its corporate social responsibility image as it will be encouraging fleet owners to reduce their carbon-footprint.
Fleet owners will perceive a ripple effect on to decreased fuel costs, encouraging them to demand a telematic device, possibly offered by their insurer. This may indirectly be a way of gaining market share for the fleet owner, as public awareness of the adoption of such systems puts the company in a positive light, due to its greener corporate philosophy.
It may also provide an impression of efficiency to the early-adopters in this direction and positive spill-over effects to personal rather than commercial requests for TBI, especially in view that TBI may be the way forward for the industry that is currently experiencing high levels of competition and high loss ratios. The high take-up of TBI by non-commercial drivers may not necessarily occur under a non-compulsory scenario. Larger fleet clients are bound to have a good business relationship with their insurer and the dynamics of such a relationship may supersede any kind of technology.
Claims involving third-party injuries will still need to be paid and since generally the own damage costs will represent the smallest proportion of a claim, the latter are ratified and paid without further adieu, even if negligence is involved. Furthermore, when asked if ex gratia payments would be offered on claims for own damages only, some industry experts confirmed that ex gratia payments are made on such claims too.
This diminishes the significance of the function of a telematic de vice yielding proof of a collision to aid claims investigation.
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An insurer advised that cameras can depict better ulterior proof of an incident and a judge in court would find it easier to watch a video to identify tort, rather than being presented with technical tracking data. Tracking providers argued that a normal camera installation will prove more expensive than installing a tracking unit, and the cost of a speed-identifying camera is excessively prohibitive. Given speed is something that all parties favour in TBI, cameras are not a threat to the introduction of telematics.
We have investigated the introduction of automotive telematics based insurance products for fleets in a new insurance market through the use of a SWOT-analysis developed by comments raised during interviews held with 25 stakeholders in Malta. We established that fleet owners are willing to adopt TBI and tracking providers aspiring to assist in its implementation. Despite this, TBI for commercial lines of business is not on the Maltese insurance operator's agenda.
Yet, the perceived benefits should instigate parties to commit themselves to introduce TBI. Insurers would be able to apply fairer pricing while fleet owners would obtain better control of their fleets. We argue that an introduction of TBI translates into benefits to society, insurance industry, as well as to the environment. The cost of installing a telematic device is relatively low and initial technology adoption is generally a result of benefits heavily compensating for costs Davis, Gupta and Xu show that customers display increased intent to adopt new technologies if they perceive control over the technology.
Therefore the onus is on technology providers, being in-built and after-market telematics devices manufacturers or providers, to convince insurers that TBI increases their control in underwriting and policyholder management.
In return, early-adopters will be geared for an impending change in automotive insurance pricing, at an advantage of securing future market-share. Literature and interview analysis has pointed out the inherent advantages of telematics and other UBI over conventional premium pricing. Nevertheless TBI has not been widely adopted by the insurance market, except in highly developed markets such as the United Kingdom Aviva.
We have developed generic comments from commercial stakeholders in a European country with a relatively developed insurance market but no use of TBI even if automotive telematics are being sold to commercial and private clients. This presented a tabula rasa situation in Malta and the findings derived here are applicable to countries with a similarly developed market that has not yet introduced TBI.
This work has a number of limitations, derived by limited time and resources. A key limitation is the size of local companies that are relatively small in absolute measures. Instead we have subdivided our interviewees in homogenous groups.
However, future research can examine the relation of other factors, such as corporate culture and market share, to the adoption of TBI. We would like to thank a number of individuals and interviewees for their time and comments. The views and findings expressed in this paper are shown in a collective form and do not represent the views of a particular contributor or the institution they represent.
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Actex Publications, Winsted, CT.
Feature Extraction from Telematics Car Driving Heatmaps by Guangyuan Gao, Mario V. Wuthrich :: SSRN
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