2014 - Telematics
Telematics is the name of the game in this new era of connected technology. We’re living in the Digital Age and rapid advancements in technology are changing our lives, changing our homes, changing our workplaces and changing our vehicles. 2014 saw an unprecedented level of progress in the telematics industry which is growing fast. We’re taking a look today at some of the most important developments in telematics over the past year.
As far as the vehicle insurance industry is concerned, today’s motor insurance policies are based predominantly on a driver’s personal profile and past driving experience. While in-vehicle tracking offers drivers lower insurance premiums, there’s some exciting news from the driverless vehicles industry which may well turn that news on its head. A fully automated vehicle is likely to mean that motorist information becomes irrelevant as removing humans from the process is likely to make the roads safe from human error. This means that the focus for motor insurance may begin to shift away from the driver to the vehicle itself.
Several businesses in the UK have seen their insurance premiums drop following the installation of vehicle tracking devices. However, perhaps a more important development is the reduction in the number of accidents. As fleet drivers become aware that their driving behaviour is recorded, they are beginning to drive in a much safer and more efficient manner. This not only increases safety on the roads, it also reduces fuel consumption which leads to reduced operating costs and increased profits.
The proliferation of in-vehicle cameras has also meant that accidents are recorded, making compensation claims much easier and quicker than in the past. Gone are the days of “he said, she said” when it comes to a collision. The on-board camera will have recorded the whole incident and there is no room for manoeuvre any more – every second of a collision will be available for investigators to watch when they determine who was to blame for an accident.
Asset tracking has become much more affordable, not just for the large corporations and multi-nationals, but for SMEs too. Telematics is helping businesses to deliver a much better service to customers at a reduced cost – this increase in productivity is likely to help many businesses to recover from the recession and things are looking up in the UK, especially in the construction industry.
Perhaps one of the most important (but least reported) uses for telematics is to safeguard lone workers. With lone workers on the increase here in the UK, making sure they are safe at all times has become a challenge that would be difficult to deal with. However, tracking people and keeping them safe in the workplace is much easier now that we have the technology to do so. The ability to get real time status or location updates is a great way for an employer to enjoy the peace of mind that the people he/she is responsible for are safe and well at all times.
With the telematics industry performing so well in 2014, the future looks exciting for this sector. In our next news article we’ll take a look at some of the predictions for the telematics industry in the coming year.