Telematics – innovative invention in automotive industry
“Telematics”, a combination of the words telecommunication and informatics, is the best invention in the field of technology of automated systems for high-end luxury vehicles. Gone are the times when we would have to find spares to know and keep a track of different features of your vehicle. Telematics not only enables appropriate information to the customer, but also ensures that the vehicle is safe.
Telematics provides services like road side assistance, vehicle health check, emergency services etc. In the world where there is uncertainty of various events, telematics provides an advanced version of GPS, known as fleet telematics which enables monitoring your vehicle in terms of location, movement and behavior. Customers too are attracted by such features which provide them with ready-to-read data of how they are driving. Just like a fitness band is a true mirror of your active movements, telematics enables to monitor vehicle’s health by analysing different parameters.
The following features make telematics an excellent invention in the field of technology:
- Local search
- Fuel costs
- Stolen vehicle tracking
- Vehicle Locator
- Controlled fuel costs
- Traffic information
- Weather information
Apart from taking care of the vehicle, telematics also provides a personalized insurance based on your driving skills/abilities. Earlier, the insurance was calculated based on one’s age, gender etc. These days when technology is making a mark in every field, the manufacturers are taking advantage of recording different driving parameters to judge a vehicle’s performance.
The insurance companies are facing major crisis when it comes to loyalty, vehicle performance, profit margins etc. The competitive prices and services that different insurance companies offer online, in-person and through various platforms, leave the customer confused too. As the expectations of a customer are reaching sky-high, the insurance companies are striving to find new ways to retain their older/loyal customers.
The easily-available data that the telematics provide are accessible both to the customer and the insurer making insurance purchase a simpler and a less costly affair. The data is analysed to come up with a custom-made insurance plan, and with a competitive insurance premiums. This also encourages the customer to drive safely, and increase his chances of getting the insurance at much lower rates.
Apart from the insurance cost and services, telematics also proves useful when it comes to insurance claims. Vehicle locator feature which is embedded in the vehicle is used when the customer meets with an accident or any such mishap happens. In such a situation, the telematics system alerts the insurance company to get immediate help. Not only does the telematics system enable quick alert, it also provides the real-time data of the vehicle’s health. As the alert is quick, the customer gets immediate help, and the insurance process is also expedited. Undoubtedly, telematics is a boon in the world of automotive and insurance industry.
Although having many advantages, telematics is also a prey to many security threats. As the different parameters are openly accessible, the information is vulnerable to chances of misuse by miscreants for unimaginable cyber-attacks. With the advancement of technology, some companies are coming up with the idea of linking telematics with smartphones, which is an incredible invention in itself. The customers can not only monitor the vehicle’s performance, but also view various performance related issues with just a swipe on the smartphones. While some companies are working with the insurance companies for data security, it’s also the responsibility of the customer to be aware of the happenings around and be safe.