Tantalum Corporation launches TRACKER Insight at BIBA 2015
Date: 11 May 2015
Tantalum Corporation, one of Europe’s top ‘connected car’ companies and owner of the UK’s vehicle telematics expert, TRACKER, will be inviting brokers and insurers to test their own driving style this week at BIBA 2015, Europe’s largest insurance industry event and afterwards in a unique insurance industry trial using its integrated “white box” windscreen unit – Hydu100.
Tantalum continues to invest in adding value to the insurance industry and will be launching TRACKER Insight at BIBA – bringing the benefits of Connected Car technology today to drivers in commercial and personal lines markets.
TRACKER Insight delivers valuable knowledge on a customer’s actual risk profile by connecting directly with their vehicles in combination with trusted low-impact crash detection technology. The proposition also gives insurers value added services to up sell to their customers and enhance revenue streams.
TRACKER Insight builds on three core elements; data capture, analytics and the feedback portal. The data capture device within the vehicle feeds driving style and crash alerts back to an insurer, which ensures a rapid and accurate First Notification of Loss (FNOL) process. The data is then combined to produce a TRACKER Score to determine an accurate risk profile for a driver, providing a higher level of intelligence to underwrite renewals. It also enables insurers to provide other incentives based on how the individual drives, as well as engender long term customer loyalty. The TRACKER Score has been constructed using over 20 years of telematics experience, over many miles and vehicle types, and is accepted by a number of leading insurers.
Tantalum will be offering attendees at Europe’s largest Insurance industry event the unique opportunity to understand their driving style by driving TRACKER Insight equipped radio-control cars on a layout in their BIBA stand. Afterwards they will get the opportunity to do the same in their own cars with a short trial of Tantalum’s innovative new “white box” placed on their windscreens.
Furthermore, TRACKER Insight engages with drivers via their smartphone to enable them to improve their driving style. It also allows insurers to mitigate against low speed accidents and maximise the outcome of a non-fault claim. If there is a low-speed impact of 3-5mph, the technology will calibrate this with the other TRACKER Insight data to ascertain if a low-impact crash has occurred.
Mark Thomson, Director of Insurance at Tantalum Corporation, explains, “In the event of a low-speed impact Tantalum will inform the insurer within 30 seconds of the incident happening, providing insurers with a First Notification of Loss (FNOL) on smaller crashes, which may have otherwise gone undisclosed to the insurer. As an added layer of crash evaluation evidence, we can also support dashboard connected camera technology through TRACKER Insight. This enables the insurer to visually investigate the incident rapidly and implement the claims process where appropriate ensuring it is dealt with quickly and efficiently.”
The TRACKER Insight proposition offers insurers flexibility to choose the journey they want for their customers. Regardless of which journey they choose they benefit from over 20 years of experience across 500,000 deployed telematics units to provide reliable risk data in support of lower claims ratios and enhanced customer retention.
“Telematics today plays a key role in the future of private motor underwriting but its importance in the commercial motor insurance market is fast becoming recognised,” concludes Mark Thomson. “As such, we have been committed to delivering an effective and accurate risk assessment solution to benefit private and commercial risks. By utilising our platform capabilities and customer behaviour scoring through data analysis, in one solution, we have now achieved this in the form of TRACKER Insight. As a pioneer in advanced connected car technology, Tantalum brings a wealth of knowledge and experience to meet the demands of this changing market.”
With over 500,000 connected vehicles, Tantalum is well placed to support the next generation of connected vehicles in the motor insurance industry by offering a range of solutions to insurers and brokers, who are looking to enhance their risk assessment processes and develop competitive premiums.