Telematics and Big Data: Next Generation Automotive Technology

Telematics, Big Data and Analytics are the three main ways the automotive industry can move forward. In this article, we’ll see how big data analytics, with the insights of information processing, can help transform the automotive and transportation industries globally.

The future of telematics lies with big data.

Traditionally, in most automotive and transportation companies, specialized business processes have always been analyzed and modeled based on the limited empirical data or contextual information available to them. Correct data was scarce. Or, even if the required data were available, companies barely had the technological know-how to exploit all the information necessary for their use. It was quite a difficult task to deal with such a situation where companies heavily relied on conventional methods such as going through past driving data including taking into account people’s age and gender, local demographics to accurately assess risk levels among their customer base predictable. This was something haphazard, clumsy and unreliable.

Now with the advanced big data analytics, accessibility to dozens of information, and the science of telematics, we are putting current insights in a new light, offering new conversation starters, and creating new potential outcomes that weren’t really possible before. “Big Data” as we know it changes everything for the better. It changes the way the vehicles are built, how they work, how we use them and how they interact with everything else in this world: from vehicle assembly to insurance, from traffic modeling to traffic route optimization, Big Data is changing the world of the automotive/fleet transportation industry in a big way.

Big data analytics plays a very important role in the field of telematics. The fact is that the science of telematics, involving telecommunications and vehicle technologies, shows how big data analytics can improve supply chain management and fleet management, increase yields and dramatically reduce material costs, not to mention the quality and safety issues that are never resolved. compromised using the right big data analytics. In fact, the use of relevant data directly leads to more opportunities. It is in this context that we will see how Big Data brings transformative elements to the various sectors of the industry, especially in insurance, finance, automotive and transportation and other sectors, and improve their business processes.

Telematics all the way

Telematics ushers in an era of great change. The way vehicles are insured and how they are driven or repaired are changing for the better.

Previously we have seen that vehicle insurance and maintenance standards were based on a kind of conjecture and the raw use of raw data that was available. But with the use of telematics, strong evidence data is quickly available that can renew entire branches of commercial enterprises and change drivers’ driving habits.

Thanks to telematics, the wealth of data that can be derived from vehicles can also be made available to drivers. This is also one of the big changes that telematics promises. As for valid data, there are easy ways for people to access it instantly from their connected car, and incidentally, the same data can also be passed on to the manufacturers or insurance companies. So when data is available and accessible to users, there will be a better understanding of their vehicles’ performance, which will ultimately result in helping drivers adopt good driving habits. Drivers can access GPS-related data that lets them know their driving style, including real-time information on fuel consumption, speed limits, hard acceleration, braking, phone distraction, etc. All of this useful information can affect not only their driving performance, but can also extend the life of their cars.

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Driving innovation and sustained growth for auto insurance

To give you an example: think of the insurance sector. The great combination of telematics and big data analytics allows insurance companies to improve their business processes to an extent that was not possible before.

Basically, the insurance industry is based on analysis and probability. Therefore, it is always in the interest of the insurance industry to have good access to accurate and in-depth data that identifies with each customer’s lifestyle and risk. This is an area where telematics has added quite a few significant value propositions that are of great interest to both insurance companies and their paying customers.

With telematics and big data analytics, insurance companies no longer have to resort to guesswork to set premiums for their customers. It has enabled insurers to reward policyholders who practice good driving habits and monitor their vehicle’s health metrics with lower premiums and discount offers by taking the guesswork out of the equation. This is nothing but a big data approach to telematics insurance.

Telematics is a positive trendsetter and has grown exponentially in recent years. The positive impact it has on both businesses and consumers proves to be a win-win deal for everyone. And in terms of telematics, Big Data would be there too, working hand in hand. Not only consumers, but also car manufacturers and service providers will benefit enormously from the combination of big data and telematics. And since the relationship is truly symbiotic, big data becomes the future of telematics. Embrace big data and telematics at scale!