Telematics help reduce insurance costs while providing a new revenue stream and enhancing buyer loyalty
Among the innovative new products advancing telematics technology has created are policies with rates that are not only based on the owner’s driving habits, but ones that use a car’s telematics to specify how far owners drive.
During the past few years, at least 17 OEMs have released telematics-based insurance packages and many automakers have partnered with insurance companies, including Ford with Arity, GM with American Family, Ford with Octo Telematics, PSA with AXA, Daimler with SwissRE.
