How Insurance Companies Can Leverage Insurance telematics
mobile telematics improves claims

How Insurance Companies Can Leverage Insurance telematics

What if you could get the data you need to maintain loyal customers while consistently attracting a stream of new policy holders? With IoT you can do that

What if your policy holders saw your insurance company as a trusted advisor that is part of their everyday life? What if you could get the data you need to maintain loyal customers while consistently attracting a stream of new policy holders? With an Insurance telematics App, insurance companies can accurately identify and manage risks based on existing data.

How Mobile App Data Attracts and Retains Policyholders 

Why is this important? With data derived from mobile apps based on customer insights and habits, insurance companies can offer the most competitive insurance rates to policy holders based on their driving behaviour

The policy holder is incentivised through rewards and discounts while keeping the insurance company at the forefront of their mind through routine app interaction. 

More importantly, the data is used to minimise the risk to the insurance company while passing on savings to the policy holder

What Can Insurance Apps Do? 

One example of what we are doing at Raxel Telematics, the insurance telematics App allows drivers to earn points and rewards for completing tasks such as meeting safety requirements, driving a certain number of miles per month, and filling out surveys. 

In addition, data from the telematics app provides good driving insights specifically tailored to the geographic region of coverage. 

Here are some of the features that are designed to boost engagement and encourage referrals: 

  • Invite 7 friends to complete surveys on DrivePower and get rewards.
  • Drive 300 km in 1 month to earn rewards
  • Reach safety driving score of 85 or above. 

Maintain Loyalty Among Existing Customers 

If your customers know that you offer the best rates, they will not want to go anywhere else. Now, you can provide the best possible rates to clients based on their driving behaviour as compiled through IoT and survey data within the app. By encouraging customer engagement within the mobile app, drivers will feel valued and rewarded for being a policy holder with your insurance company. 

Identify Safe Drivers and Their Habits 

A driver’s behavioural data is compiled using telematics via the Telematics app to provide insights about the preferences and habits of existing customers. 

Using information from this app, insurance providers can quickly identify long-distance drivers, drivers who speed, and drivers who brake hard frequently. 

Reward Drivers for Safe Driving Practices 

Aside from referral points and survey points, insurance providers can also provide rewards and discounts for safe driving practices. For example, drivers that reach a minimum safe driving score can get rewards and discounts. 

Soon, drivers will enthusiastically talk about their discounts and rewards with family and friends. They will be impressed with a modern insurance company that values and rewards its policyholders. 

Attract New Customers 

Based on telematics SDK data or mobile app data, you will get insight into driver habits as well as the driver’s perception of your insurance company. This will help adjust and create targeted campaigns directed at customers just like your existing customers. 

Aside from that, data can also be used to get insight about current customers and offer them discounts, but also to attract new policy holders through referrals, rewards, and points. 

When customers get excited about rewards or how much they saved, they will quickly spread the word about the app and its rewards, especially if there is an incentive for them. 

Ways to Implement Mobile App Data for New Leads: 

  • Create campaigns to reward and engage existing customers within the app in exchange for information about their preferences and brand perception. 
  • Make use of in-app campaigns for insights. Use this data to create campaigns for competitive discounts, rewards, gift cards, and other incentives. 
  • Based on the data, create a campaign for giveaways and sweepstakes and promote them in the app for maximum engagement. 
  • Use the mobile app insights to target their friends and family by encouraging sharing on social media 
  • Rewards points for completing surveys and referring friends and family 
  • Encourage sharing the app and social sharing for completed tasks and survey results 

Closing Thoughts 

With the ever-changing fast pace of technology, a mobile app will help your insurance company stay on top of your customer’s mind in a marketplace full of noise. Use the app to collect data, maintain customer loyalty, and attract new customers that will spread the word about your company. 

The DrivePower App by Raxel Telematics is just one example of how we can help you gather critical information needed to provide competitive rates while saving on risk costs and marketing costs. We’ve made this tool to be compatible for iOS and Android devices, the DrivePower App can be downloaded in the App Store and on Google Play. When used in conjunction with telematics and data derived from IoT, your insurance company will be unstoppable. Learn more about how Raxel can help you minimise risks, get more leads, and cut back on marketing costs here. 

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