The Future of Auto Mobility and Insurance

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Mobility has taken over every industry and has dipped its proverbial toes in the auto insurance industry as well. With GPS and accelerometers as high-tech accessories, mobile technology for the automotive industry too has come a long way and has many more miles to go. In an age where digitization and mobility is one of the bare necessities, most auto insurance providers are lost under heaps of paperwork. That’s the reason why the concept of auto mobility has shifted its focus to the insurance industry.

A combination of mobility solutions – telematics, analytics and communications, has eased the burden for auto insurers through information on driving style, collection of the same, analyses and reports that benefits all the stakeholders.

User-Based Insurance (UBI)

Insurance providers struggle with allocating premium amounts for their clients. Despite their best calculations, they have incurred losses. Traditionally, insurance companies calculate premiums based on driving records, vehicle use, previous claims, insurance scores based on credits and so on. Policyholders believe that these premiums are usually a fixed value.

Telematics technology will change the face of auto insurance through the usage-based insurance (UBI) pricing system where clients pay as per their usage, driving behavior that is. Pay-as-you-drive gives clients and insurers the freedom to calculate premiums based on not just driving records and vehicle usage but actual or real-time driving information.

Real-time Information

Telematics can calculate every minute detail of the client’s driving style, including every hard brake, rapid acceleration, parking style, etc. Analytics will amalgamate, analyze and interpret this data, simplifying it to understand the driving patterns of the client and the risk(s) involved. This driving information will be shared with the insurance provider who can use the same to allocate the insurance premium amount for the respective client.

Vehicular insurance companies have realized the difference that real-time information makes in processing claims. With the ability to capture real-time data in the form of images, videos, driving information, etc., there will be adequate information to process a claim or to decide the insurance amount for a client. It will eliminate the possibility of modified data and increases the accuracy of information analyzed.

Time and Efficiency

Time is everything. Waiting for weeks for insurance agencies to process a claim can be painstaking. Insurance companies will soon provide every client a more personalized and expedited service. Mobile devices will enable evaluation of claims or consultation with clients in their comfort zone. In the case of an accident, real-time data can be captured in the form of videos or images, eliminating the possibility of improper claims or incomplete information, which can prove to be a loss for both parties. Automation will reduce paperwork and redundancy. At the same time, it will increase efficiency and accelerate processing of claims.

Management of Data

With the reduction of paperwork and introduction of technologically advanced analytics frameworks, managing vast quantities of data has become a child’s play. Analytics use complex algorithms and mathematical equations to organize, analyze and interpret huge volumes of information. The ability to retrieve relevant information instantaneously and accurately will save a lot of man-hours.

Beyond Insurance

Mobility solutions for auto insurers come with additional services such as roadside assistance in case of an emergency, geo-fencing for parents to monitor their teenager’s driving, customer engagement to ensure the loyalty of the client, driving suggestions and other customizable options. Insurance companies will be able to go beyond their regular services for the client’s convenience.

Challenges of Telematics

However, there are a few concerns with telematics being used by insurers. Standardized regulations on data capturing and its process is yet to be determined. This raises concerns for loss of privacy or misuse of data. The other concern is when the client wants to switch to another insurance provider. The new insurer might not accept their driving data as the method of data collection is different. This could result in the client losing his benefits and has to start from scratch.

Nonetheless, telematics technology is relatively new and is yet to take over the market fully. Like any new technology, there will be glitches which will be fixed in due time. These challenges will not be an obstacle for auto mobility to be integrated with insurance, as the pros of auto mobility outweigh the cons. Gradually all insurance providers will largely depend on mobility solutions in order to develop their business and will become inevitable for auto insurance to use.

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Auto Transport – ELD Big News

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Car haulers, this subject already sounds pretty familiar to every motor car carrier that’s thinking long term in the industry.

Here are some insights you need to know directly from FMCSA about the ELD rule:

ELD is used by commercial drivers with the requirement to prepare:

HOS – Hours of service

RODS – Records of duty status

ELD will need to also be certified and registered with FMCSA, along with having supporting documents for drivers/car carriers required to keep in the truck.

So, beginning on December 18, 2017, a driver using an ELD must have an ELD information packet onboard the commercial motor vehicle (CMV).

Speaking about it, an ELD can be on a smartphone or other wireless device if the device meets the ELD rule’s technical specifications.

Data Storage:

For six months, a motor carrier must keep both the ELD Records of:

hours services data

a back-up copy of that data on a separate device

The car carrier must ensure that these records are stored securely to protect driver privacy.

An ELD automatically records the following data elements at certain intervals:

date

time

location information

engine hours

vehicle miles

identification information for the driver

authenticated user

vehicle

motor carrier

Location data must be recorded by an ELD at 60-minute intervals when the vehicle is in motion, driver powers up and shuts down the engine, change duty status, and indicates personal use or yard moves.

Also, keep in mind that an ELD must automatically switch to driving mode once the commercial motor vehicle (CMV) is moving up to a set speed threshold of five miles per hour. As a result, the in-motion state must not be configured greater than five miles per hour. The vehicle will be considered stopped once its speed falls to zero miles per hour and stays at zero miles per hour for three consecutive seconds.

Guess what else?

The ELD must convert automatically captured vehicle position in latitude/longitude coordinates into geo-location information that indicates the approximate distance and direction to an identifiable location corresponding to the name of a nearby city, town, or village, with a State abbreviation.

Engine synchronization CMV – ELD

An ELD must be integrally synchronized with the engine of the commercial motor vehicle (CMV). Engine synchronization means monitoring engine operation to automatically capture the engine power status, vehicle motion status, miles driven, and engine hour

Vehicle performance? Not really.

Yes, the ELD rule allows but does not require, warning or notification to drivers when they are nearing their HOS limits.

Data export from ELD

Since all ELD data file output will be a standard comma-delimited file, a driver may import the data output file into Microsoft Excel, Word notepad, or other common tools. A driver will also be able to access ELD records through a screen display or a printout, depending on the ELD design.

Bluetooth Feature

If the driver is using a “local” ELD with Bluetooth capabilities, the authorized safety official will activate Bluetooth on his or her computing device and the driver will initiate the Bluetooth electronic transfer of the data from the driver’s ELD to the safety official’s computing device.

The official will provide a Bluetooth pairing code for the driver to enter into the ELD for the data file transfer.

Here’s a cool list you can review – ELD’s Compliant List

The plug-in device to your truck’s ECM communicates the relevant data to software on your smartphone – the software enables the log to work, likewise electronic pre-trip/post trip inspection reports.

The ECM plug-in communicates with your smartphone, as with many others, over Bluetooth, and guiding smartphone apps are currently available on both iOS and Android platforms. Administration of the data is done through a web-based software program users create a unique account.

Most ELDs pair an engine-connected relay with another device, often an operator’s smartphone or tablet, hence the common BYOD (Bring Your Own Device) designation.

For such devices, some contain a cellular connection within the engine-connected relay, some don’t.

For those that don’t, generally, extra costs incurred for data-plan charges on a smartphone are not reflected here.

Just a quick overview for car haulers:

We’re covering just new industry information so that every single car hauler out there can read it and get a general idea – for full in depth explanation of specific cases feel free to visit FMCSA for sure.

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