As technology continues to make life simpler and safer, we constantly see new and evolving ways of using our devices for both business and leisure. A recent example of this is the completion of two new company partnerships, each of which hopes to improve the quality of telematic information for Australia’s insurance markets.
Australian GPS tracking system provider Ezy2c has teamed up with US telematic insurance experts Modus to provide a well-proven method of data gathering, in order to speed up and improve the quality of information to the Australian insurance market.
CEO of Modus, Brandon Johnson, said the technologies complement each other well, and aim to bring down insurance costs and improve safety.
“Ezy2c has already made GPS tracking and management a go-to technology for fleet managers who want to realise efficiency and safety improvements,” he said. “Combining those capabilities with our Modus Go insurance telematics platform creates a new market dynamic where drivers and insurance companies work together to improve safety, which ultimately leads to lower costs, both human and financial.”
On top of this, technology providers SSP and Wunelli have combined forces and resources to develop an application to measure driver characteristics such as acceleration, speed, braking behaviour, origin and destination to create usage-based insurance policies, having successfully done so in the UK.
Similarly, Head of Data Services Strategy at SSP, Adrian Coupland, said the collected data will improve quality and lower overall costs.
“The agreement with Wunelli allows us to offer insurers entry into the usage-based insurance arena at a fraction of the cost of hard-wired devices,” he said. “The smartphone apps will allow insurers to go out to the mass market and collect vast amounts of data to understand how it can be used effectively for rating purposes and claims.”
By providing data that is more specific, higher quality and, most importantly, cheaper, insurance brokers will have even better ammunition when finding the best business insurance deals for company fleets.