London, England -- (SBWIRE) -- 12/11/2013 -- The future of Car Insurance; being able to monitor the way an individual driver breaks, to the specific speed the vehicle is going at any given time. No, it’s not a science fiction movie – the industry of car insurance is a quickly changing field, as various and quick-changing as the industry itself.
Large scale car insurance firms such as Progressive in the United States to the Tesco Bank in the UK are engaged in a race to best convince consumers that letting them monitor their driving behavior is actually a good thing. The technology has become affordable only recently; however the technology is not new. Consumers have only begun to warm up to the idea – there is a hesitation on the part of the customer to be ‘monitored’.
"Now that we can observe directly how people drive, we think this will change the way insurance works," says Janet Pritchard, of www.InsureAGoGo.co.uk, adds that Progressive has more than a trillion seconds of driving data from 1.6 million customers.
In fact, says Pritchard, "Most people are actually overpaying."
This is because traditional insurance looks at averages, as opposed to specifics. You fill out a form saying you're a certain age, and drive a certain type of car, and are a specific gender - and that's basically how a data car companies have to assess your riskiness as driver.
Even social media is fair game for the future of data tracking; Almost every major insurer has a specific team that looks at social media, whether Facebook or twitter.
Better big data technologies, like the telematic driving data collected by car companies or even information gathered from social media profiles, can help augment that risk profile.
Most analysts are in agreement that if a continuous loop between insurers and consumers are created, consumers would change their behavior automatically. The end game being that insurers not just covering a loss once it occurs but actually moving to prevent them.
The car insurance company Insureagogo.co.uk matches customers with prospective companies on their database. This gives customers the most competitive quote and peace of mind that they have the best deal on the market.
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