Telematics offers technologies and know-how that enables consumers and businesses to generate powerful assets and competitive advantages out of data analytics
In an increasingly competitive landscape, leveraging and exploiting data from remote objects with integrated computing capability – the most prominent but not exclusive example might be the car – can provide organizations with a crucial edge. On the other hand, companies who neglect the relevance of telematics data for their business, risk to permanently fall behind their competitors and miss out on innovative product or service offerings.
During the last two centuries, we have observed the world to become more and more interconnected and 24/7 access to information and communication is no longer a vision. In combination with the steadily increasing computing power and progresses in artificial intelligence, we advise organizations not to consider data as byproducts of their business processes any longer, but as crucial raw resources that have the potential to disrupt entire industries by generating new paths of value creation.
Telematics offers technologies and know-how that enables consumers and businesses to generate powerful assets and competitive advantages out of these data. One especially relevant use case of telematics is the automotive industry and related fields like insurance services. A benchmarked and thus optimized fleet management leading to significant cost reductions, an incentivized economic and safe driving behavior as well as detailed insights on product usage behavior creates the foundation for new services in but not limited to the insurance industry and illustrates that the magnitude of possible use cases is immense.
Introducing incentive and discount programs in the insurance industry leads to a significant increase in customer loyalty and retention by up to 40%.
ptolemus UBI study
In order to unchain telematics’ complete potential to the favor of our customers without neglecting challenging areas, the Deloitte Analytics Institute has developed a holistic approach that is tailored according to our clients’ needs and which starts at the very beginning including gathering the right data over scoring individual customers according to their characteristics and, last but not least, deriving appropriate insights adapted to individual business cases.
Despite the huge potential of telematics, not all companies might benefit from the usage alike. If you want to find out, whether telematics might fit to your business model and thus, solves relevant problems or adds value to your business, we highly encourage you to conscientiously go through the following questions:
- Do you have access to fleet data / telematics data relevant to your business?
- As a company with vehicle fleet, how high are our current costs for maintenance and fleet management?
- Are there critical assets with sensor capability?