With the first scheme for SoteriaDrive, our whole of market telematics-based solution, receiving final insurer sign off and more insurers going live in the next two months, this felt like an ideal time to take a look at where we are now and what the future holds for in-car technology.
2013 saw a 10.8% year-on-year rise in UK car registrations, resulting in an extra 600 cars being sold each day. In addition to the financial offers available, one of the key drivers for this resurgence was an increased demand for more technologically-advanced cars, both in terms of innovative vehicle design and the connected car.
Already, the connected car is the third fastest growing technology – with only tablets and phones ahead of it – and this will only be boosted by the introduction of the eCall initiative in many EU countries. By 2015, all new cars sold in Europe will be required to have network connectivity, which will ensure motorists involved in an accident receive rapid assistance – and some bigger brands will offer this technology in every vehicle even by the end of this year.
As cars become more connected, manufacturers and technology companies will be looking to deliver innovative products that make the most of telematics propositions, such as SoteriaDrive.
I have been using the SoteriaDrive app for around three months now for my journeys and have found that, despite having driven for a number of years, receiving contextual constructive feedback has had a positive influence on my driving style and my MPG. Key is the use of contextual data and feedback that is both non-invasive in its messaging style and based on real-life experience of miles driven. I have tested the boundaries of using the app on my regular trip to Paddington station, and the app cannot be fooled – it is a great piece of tech.
But it is not just within Europe that the connected car and telematics are gaining popularity. They have a very high appeal across the Asia-Pacific markets, including in Australia. Late last year, we helped further revolutionise the Australian motor insurance industry by providing a customised policy administration system for Insurance Box, the first Australian insurance product offering in-car telematics – and this is only the start of our international adventures.
Indeed, as vehicles across the globe continue to become more technologically advanced, both through telematics and other initiatives, it is likely to result in developments that would have been unimaginable not that long ago – making the future very exciting indeed.
About the Author
Adrian joined SSP in 2005 and has over 20 years’ experience in the market across broking, distribution, business development and technology. After 15 years in the broking industry, ten of which were with A-Plan, Adrian has spent the last 11 years at SSP. As Managing Director, Distribution and Data, he is part of the executive team, and his expertise in data and innovation ensure SSP's customers are at the leading edge of advancements in the insurance industry. Adrian has been instrumental in developing SSP's real-time pricing and telematics strategies and shaping its data strategy across all territories.More Content by Adrian Coupland