Insurers

Price pressure from increasing competition; cost increases due to customer defection and insurance fraud. These problems squeeze profits from insurance companies. How can Vektor help? With Advanced Telematics solutions for the insurance industry, insurers can now offer more profitable and diverse products to their customers. Vektor solutions can also help reduce fraudulent insurance claims as well as losses due to unrecovered vehicles and cargo.

Customized Insurance Solutions

Insurers are now able to offer their customers insurance plans that are customized according to their driving habits (so-called “Pay As You Drive” plans). Using Vektor’s vehicle tracking and monitoring services, a risk premium can be calculated based on the customer’s driving habits (such as which parts of the day and how far they drive in a given month). Moreover insurers may also offer discounts to drivers as the risk of fraud and unrecoverable loss from theft is reduced, further accelerating the market penetration of these new products.

Driver Profiling

Driving pattern data generated throughout the driver’s insurance term can be analyzed to offer a more customer-focused and competitive policy upon renewal, increasing customer retention and satisfaction.

Accident Analysis

Vektor’s remote diagnosis module analyzes accidents by combining vehicle status data coming from the CANBUS and a 3-axis accelerometer measuring acceleration and deceleration in all three axes. This data is then analyzed at Vektor central servers and a report created, which aids insurers in identifying how an accident really happened. Decreased fraud allows insurers to offer customers lower premiums, hence have higher policy sales.