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In line with expectations, life insurance industry’s new business volumes in the individual new business segment remained strong, growing 36% Y-o-Y and 23% M-o-M, in August 2010. How to Read the Pie-Chart ?Many students have emailed us the difficulty in reading the chart because of too many small components. Key Trends of 2012 – Private bank led insurers have fared much better than insurers dependent on agency distribution in volumes (2) Share of single premium policies, which had inched up after the new ULIP guidelines, has reversed now as new ULIP schemes have stabilised. Below is a list of the top auto insurance companies in California, based on written premium.
As you can see, State Farm was the top auto insurance provider in California in 2008 (the most recent data available), according to the California Department of Insurance. A number of other notables are in the top 25, including Farmers, 21st Century, Progressive, Geico, and Esurance. FYI, this report looks at total insurance written for both private passenger liability insurance and physical damage coverage.
Also, a company may serve two markets, such as a non-standard, non-credit auto program, and a more standard in nature credit scored program. One product cannot have both credit and non-credit lines, so each would need to be written under a different company.
As I mentioned before, this isn’t necessarily a gauge of quality, but more about market share, and the names an independent agent may throw your way. Taking advantage of services offered by newer and better smartphones, the time is ripe for insurance companies to streamline internal processes and offer leading-edge services to mobile customers. Over the last few years, mobile devices have evolved into machines with formidable computing power. As illustrated in Figures 1 and 2, mobility can play an extensive role in almost all business processes in the insurance value chain. Mobile apps can help all stakeholders—the insured, insurer, business partners do their jobs better, faster, and cheaper. A leading financial services company in the US, providing property & casualty, life insurance and portfolio management services, wanted to provide “smart applications” to its customers. Among the key stakeholders, the demand for mobile applications will be the highest from insurance agents. Employees of insurance organizations will benefit from mobile applications designed specifically for their needs. By providing mobile apps to agents and the sales team, insurers can reach out to new target markets faster, which can help grow their business. Some best-of-breed insurance organizations have already ventured in this direction by capitalizing on the opportunities that insurance business processes present them with.
Such applications can also leverage the power of social media, where drivers’ communities may be created to exchange tips on safe driving, better routes between places, and best practices such as ways to save fuel. According to the Insurance Information Institute, catastrophe claims are the second greatest source of insurance claim costs, after medical claims. Catastrophe Claims Management Systems consist of two components—the server component accessible to claims managers on a desktop, and the client component accessible to field staff from their mobile devices.
By allowing insurers to proactively create claims records, not only for policyholders who are impacted by the calamity but also those who are likely to be affected, these types of catastrophe claims management systems allow insurance companies to assess how many field adjusters to deploy and what locations have been hardest hit by the event. There is a significant scope for insurers to develop and deploy mobile applications and systems to tap into mobility-led innovations. As mobility makes inroads and the technology supporting its evolution matures, the insurance industry can greatly benefit by tapping into many opportunities. New approaches to IT Service Management, managing devices and building applications represent a starting point on a long journey. In each generation of the development of IT, the challenges intensify, but as we rise to the occasion, the value delivered to the business grows immensely.
But, as more people and business processes are tracked and automated, a strange thing happened that IT has yet to come to grips with.
The opportunity to use consumer devices and other on-demand services for business purposes gave rise to a concept called the consumerization of IT.
Most IT departments find themselves surrounded by an army of consumer technology that is pushing its way in. If we look at the forces driving consumerization, thinking of the transformation in terms of mobility captures all the important trends and raises all the vital issues.
The biggest nightmare associated with mobility is company data that flows into a wide variety of mobile devices and applications, many of which were not built to meet enterprise standards. Ensuring a quality user experience for both employees and consumers is going to change the way that applications are built. Mobility will change business processes as different types of work migrate to the people and locations best suited for them.
The articles in this edition of Perspectives, summarized below, provide more information and guidance about mapping the journey that may be right for your company. In networking, wireless personal area networks, wireless LANs, and wireless WANs are all leading to the creation of a seamless IP network providing ubiquitous connectivity.
Mobile devices have advanced in mobile OS technology, user interfaces, increasingly powerful mobile processors, smaller form factors, displays, and a plethora of new features such as support for HDMI and HD video recording. Mobile applications have evolved from simple scratchpads and calculators to PDAs and media players, and now are powerful enough to serve as rich gateways to cloud applications. Conversion to all-wireless networks is feasible now, but wired infrastructure must be phased out taking into account such factors as depreciation of assets. Near-field communications (NFC) may pay off on the promise of earlier technologies like RFID and Bluetooth.
The second article in this edition provides guidance about what to do when crafting plans to make mobility work for business. To please customers, it is vital to identify the “mobility voice of the customer” in order to analyze where mobility is most beneficial. A systematic approach to mobility requires an assessment of the impact mobility will have on the individual components of IT systems: applications, data, and infrastructure. Think carefully about the users when choosing between thin clients, rich clients, and on-device applications to ensure compatibility with the end-user segment.
While mobility will change a large number of aspects of the way we work today, it will not replace the current application portfolio. But given the size of the potential application portfolio that could benefit from mobility, it is clear that a piecemeal approach will not work. Of the five layers of the mobility stack, the top two layers are owned by the enterprise while the bottom two are owned by the telecom service provider.
The world of mobility has dramatically increased the threat of data leakage and challenges IT to allow freedom but reduce risk. The challenge, of course, is that the dramatic growth in the number and diversity of devices increases the risk of losing data. By crafting the right mix of solutions, CIOs can ensure that mobile data is safe, secure, and well managed. One of the key achievements in the world of service management is the formulation of the IT Infrastructure Library or ITIL. The article recommends that IT service managers break out of the confines of concepts like Quality of Service, which focuses on the system more than person using the system.
To ensure effectiveness of service management in a multi-device mobile world, it is important to assess the impact of mobility before embarking on ITSM processes of service design, delivery, and support. The seventh article in Perspectives covers the ways that mobility can be applied in the banking industry.
Banks have so far focused on simple information based banking services at the cost of interactive transaction based services. The eighth article in Perspectives covers the potential insurance industry applications for mobility.
By improving self-service options and pushing more tasks to agents, insurers can reduce customer service calls and improve operational efficiency.
Mobile telematics allows automatic data collection that can enable new products and provide information to customers about how to avoid risky behavior.
Applications of mobility in manufacturing are the focus of the ninth article in Perspectives. As employees are among the biggest users of information inside an organization, it is important to expose important KPIs to expedite better decision making.
It is important to take a closer look at the manufacturing value chain to assess where mobility can be applied most effectively. Creative use of mobility could see GPS-enabled sensors attached to mobile assets such as dump trucks, which could allow workers to track assets using wireless handheld devices. The eleventh article in Perspectives looks ahead to new forms of applications that fall under the domain of ubiquitous and pervasive computing. The article introduces the technology stack needed for ubiquitous computing and suggests ways that companies can start experimenting to understand the potential of this powerful application paradigm for their businesses.
An interview with Gartner senior analyst Ken Dulaney provides a finely nuanced view of where mobility is and isn’t impacting the business landscape today.
We hope that this issue of Perspectives exceeds the standards set so far and helps chart a pathway to an IT infrastructure which embraces mobility, and that amplifies the talent and energy of everyone in your business. The small business insurance market for property-casualty (P&C) is expected to witness major changes resulting in consolidation in the mid-term, according to research by Conning. The research report released by Conning, ‘The Small Business Sector for Property-Casualty Insurance: Market Shift Coming’ analyzes the small commercial insurance marketplace, including carrier market share, drivers, and projections. Below is a list of the top commercial auto insurance companies in Texas, based on written insurance premium.
This doesn’t necessarily mean they are the top rated as far as customer service or even profitability, rather the list shows who brought in how much money and what their loss ratio was for 2009, which is expressed as earned premium divided by the amount of money paid out for insurance claims. As you can see from the chart below, AIG was the top commercial auto insurance carrier in Texas in 2009 (the most recent data available), according to a report from the Independent Insurance Agents of Texas.
A couple of the other major players in the top 20 include Nationwide, Old Republic, Hartford, CNA, and Home State. Texas continues to come in at a much higher overall commercial auto insurance loss ratio than the rest of country according to the IIAT Special Report.
Contact a local independent insurance agent if you are in the market for a commercial auto insurance policy or if you want to be certain you are not overpaying for your current commercial auto insurance policy. IKEA is rumored to be planning to expand into the insurance market, the Wall Street Journal reports. Founder Ingvar Kamprad of Sweden, who is now 88, was rumored in 2013 to step down from running the company's board as chairman and would transfer leadership over to his oldest son Mathias. The company is also known for having very minimal media appearances and keeping a low-key profile in its public announcements. The Wall Street Journal also reports that Ikea began selling child and pregnancy insurance, an initiative under the title of "Omifall," which was launched earlier this month in a few Ikea locations in Sweden. Ikea launched a promotional mirror in a British store recently that offers compliments to individuals looking at it.


ANALYSISReceive a critical illness insurance needs analysis, based on your personal health and financial situation.
Last year’s 13th annual Critical Illness Insurance Market Survey, conducted by Gen Re in partnership with the National Association for Critical Illness Insurance (NACII), reported that the critical illness insurance sector is in a good overall state of health. There were 50 insurance agencies participating in the 2014 survey, with 32 carriers currently marketing a critical illness (CI) insurance product. Another diamond in the survey data was the continuing stability of new policy purchases for individuals and employees back from 2012.
This year, the survey conductors added a question to find out the average number of benefit eligibility triggers. This entry was posted in Article, Employer, News, Statistics and tagged Carrier, featured, Insurance, Study.
Receive Your Free Copy of our eBook, “Planning for A Critical Illness” to help plan and share with others.
There are many reasons for an architectural firm to purchase professional liability insurance including business survival and contract requirements among others. A common trend recently expressed by most professional liability carriers was that of excess capacity. The first step for any firm in assessing your professional liability insurance needs is to consider your firm’s exposures.
The characteristics of the insurers listed in the AIA Trust professional liability insurance database, as you evaluate your options. The Takaful segment is indeed minuscule compared to the conventional insurance market, but it is not because it lacks potential for growth. With the recent launch of Takaful rules, 2012, the Securities and Exchange Commission Pakistan (SECP) has allowed conventional insurance companies to roll out Takaful, or Islamic insurance, products through window operations. Takaful operators say, the decision to allow conventional insurance companies to launch Islamic products will “distort” the segment, as window operators will conduct the Takaful business “in a manner against the principles of Sharia”. The rationale behind the provision in the SECP’s earlier Takaful rules of 2005 — which barred conventional insurance companies from operating in Islamic insurance — was to attract new players and bring investment into the country. The views expressed by the writer and the reader comments do not necessarily reflect the views and policies of The Express Tribune. I have to read up on more details on the business model but one of the reasons traditional insurance companies will find it difficult to attract conservative consumer segment is because of the issue of compartmentalization.
Unless otherwise stated, all content is copyrighted © 2016 The Express Tribune News Network.
The following Data suggests that LIC of India is still the market leader followed by ICICI Prudential, HDFC Standard Life, SBI, Reliance, Bajaj, Birla Sun Life, Max New York etc.
On the RHS you have names of Insurers – LIC India, ICICI Prudential, HDFC Standard Life etc So start from LIC India in the Chart and Go Clockwise, you will be able to get the percentage share of each of the companies at the end of respective financial year. Keep in mind that these companies aren’t necessarily the top rated, just the most frequently used.
Packed with advanced features such as large touchscreen displays, faster multi-core processors, larger storage capacity, advanced imaging, and location awareness, these devices will play a major role in supporting applications for key stakeholder interactions in any organization. Identifying where mobility can be best utilized requires a fresh look at the insurance value chain.
Identifying these opportunities can help businesses create a roadmap to roll out mobility in phases across the enterprise. We work closely with the company to achieve this goal by adapting complex UI pages to lightweight pages in case of low bandwidth. Mobile applications (especially those that are tablet-based) such as Sales Force Automation (SFA) tools will facilitate new policy illustrations, provide straight-through processing of insurance applications, and create performance dashboards for sales cycle optimization.
Applications that provide real-time prompts, such as catastrophe alerts and analytics dashboards to enhance decision making, will be especially differentiating.
By improving self-service and pushing more tasks to agents, insurers can reduce calls to customer service and improve operational efficiency. These organizations have spearheaded the creation of some applications that not only aid enterprises, but also add to organizational goodwill by helping customers.
The following sections describe loss control and management applications such as mobile telematics applications and catastrophe claims management solutions. Conventional telematics solutions involve fitting vehicles with special devices that directly feed information to the insurer’s systems. The moment a user’s vehicle moves, the location-aware system built into the smartphone invokes the application. Since the phone is being used as a telematics device, it can detect users’ driving patterns. The worst impact to the brand image of insurance companies stems from mismanagement of claims related to major calamities–a time when customers rely on their insurers to help them through a crisis. The server component allows managers to track the development of potential catastrophes with GIS capabilities. This results in better deployment of emergency response units to the right places and ensures that impacted policyholders get the best possible service regardless of their ability to ask for it. Some of the top insurance companies already view mobile technology as a trusted ally in their efforts to add business value. As IT has expanded from mainframes to PCs to the modern era of mobility, more and more business activity is supported by technology. The locus of innovation, which had previously been firmly in the realm of business technology, moved to the world of the consumer. Mobile applications are providing instant access to information, services, and applications. Inside the walls of IT is a collection of technology that was not constructed for the flexible, social, radically distributed, and mobile way we work. Supporting mobility while at the same time keeping data safe and secure is daunting and requires new approaches. Not everything that is possible on a desktop application or on a web site must be on a mobile device, but the user experience must be pleasing and consistent. Indeed, these process changes may be the engine of the largest impact of mobility, as information becomes available when needed and needless delays are eliminated.
The goals of secure, reliable, speedy access to the best computing resources remain the same, but new skills, processes, and technology are required. As newer wireless technologies are adopted for enterprise use, the CxO must keep three factors in mind when deciding on technology: cost of transition, throughput, and security. The current state of consumer mobile technology can seamlessly support complex enterprise applications, thereby necessitating mapping out a strategy for mobility. The power of modern applications in conjunction with networks and enhanced device capabilities is exciting and bewildering. A sharp distinction is drawn between creating a technology-focused mobile strategy, which refers to helping employees find the right devices, platform, and applications, and a business-focused strategy for mobility, which analyzes how mobility will affect stakeholders.
A more superficial approach will result in lots of shiny new devices, but little business value. Initial efforts essentially treat mobility as a spice, a way to enhance what you are already doing, to make applications and information more widely available. Only by taking a holistic view of mobility that incorporates all of these levels can CIOs effectively assess the challenges that they face in creating a strong mobility strategy. Rather, the work we do in ERP, CRM, Supply Chain Management, Procurement, and dozens of other applications will become more valuable because mobility will allow the information to be delivered where it is needed and flow back as people perform tasks using mobile devices. For companies to succeed in mobilizing their workforce and in extending their offerings to customers through mobile devices, they will need a platform strategy that can solve many problems at once.
The middle layer, the device management layer, is shared by the enterprise as well as the telecom service provider. The fifth article in Perspectives describes the paradigm shift that is taking place with respect to device and data management.
The sixth article in this issue of Perspectives examines the impact that mobility will have in IT Service Management, the larger management discipline that has grown out of ITIL.
While Quality of Service emphasizes that a service is reliably available, Quality of Experience focuses on making sure that the -users get what they want. In addition to traditional segmentation factors, based on their banking transaction usage, mobile customers may be further categorized as online savvy customers, offline branch customers, and unbanked but highly mobile Gen X and Gen Y customers.
Analysis of the insurance value chain shows how mobility could impact processes in life insurance and property and casualty, value chains that are ripe for redesign and optimization using mobile devices. The application of mobility inside the plant is examined but so are opportunities for customer facing applications for gathering information and providing value at product facilities, in providing after sales service, for gathering research information, and in product marketing processes. A fascinating, multi-dimensional graphic maps the chief enablers in the areas of network, devices, and applications and shows how those enablers are related to the process in both customer facing and other value chain related areas.
For retailers to decide what technologies to adopt, they need to determine the basic ways the industry’s three predominant customer segments, at home, on the road, and in-store, will use mobile devices.
When defining ubiquitous computing, Xerox PARC researcher Mark Weiser said, “The most profound technologies are those that disappear. This forward-looking article offers compelling ideas about how smart devices can be used in various industries. For example, mobile payments, an area where the technology is ready, have failed to take off in most of the world because of a lack of coordination among key market players.
The topic of mobility is so urgent, so compelling, and so ripe for adoption that we are confident most readers will find new and actionable ideas in these pages. The research examines the issues related to insurance distribution value chain and strategic directions for the small business insurance market. This is due to the increasing popularity for this supplemental insurance product, as premiums rise for traditional health insurance.
There were $332 million in total sales in 2013, which was an increase of about 8% from 2012.
Respondents predicted an average annual growth rate of around 10% for individual policies, and about 14% for employer or group policies over the next three years.
Encouragingly, nearly all (97%) of the survey respondents indicated that claims experience was equal to or less than expected. It means that the statistical risks of encountering a critical illness in one’s lifetime are REAL.
May industry insiders had speculated that there was a significant increase in the number and complexity of benefit triggers. For a copy of the full survey report, contact a CI specialist here, or by calling 800-672-7202. Underwriters will want to review basic information about your firm such as total billings, claims history, use of written agreements, other firm services, project and contract requirements, and more. Irked by the SECP’s move, existing Takaful operators went to court and got a restraining order over the implementation of the new rules from the Sindh High Court on August 2. While some people consider it un-Islamic, others think of their sons as solid retirement plans, and don’t bother to buy insurance policies or invest in mutual funds. However, seven years on, we have just two family Takaful and three general Takaful companies in Pakistan.


In fact, premiums of Takaful companies grew at an astonishing rate of 91.6% annually, between 2006 and 2011.
The comparison of growth rates — and the persisting gap between the gross premiums of the two insurance segments — suggests that while the Takaful market has a huge potential for growth, it is in desperate need of big players with large resources at their disposal.  An insurance giant like State Life, with an asset base of roughly Rs300 billion, can really turn around the Takaful segment.
If they run both models (supposedly the Islamic one and the non-Islamic one) side by side, their capital streams will be mixed. One of the offshoots of this significant advancement in mobile hardware technology has resulted in unlocking the mobile applications’ market potential, which some analysts expect to reach US $32 billion by 2015. It is clear that mobility can help to add business value when these opportunities are harnessed. However, experts feel that the future belongs to convergent applications that provide an all-in-one interface for every kind of service.
Customized device dependent look and feel, integration with Yahoo APIs for location based services, and reuse of business components led to better mobile self-service, improved turnaround time and customer experience, and reduced TCO. Another area of focus is applications that help in claims management, specifically in reporting and adjusting. Agents in the field will be able to use mobile apps to collect data about the property to be insured and transmit it directly to the underwriters. Agents with access to more information, anytime, anywhere, can improve consumer satisfaction and close business more easily.
A few notable examples of mobile applications that are intended for the insurance organization’s use include needs analysis, illustrations, quick quote generation, product catalogs, claims assessment, and estimation applications. It is important to bear in mind that these examples are hypothetical; actual benefits will depend on factors such as business goals, priorities, existing technology ecosystem, and regulations. Fraudulent claims and expensive claims management costs due to long cycle times which lead to annual losses of around US $20 billion. The application gets information from the GPS to determine the vehicle speed, compares it with the speed limit for the area using stored values, and alerts the driver if he or she is speeding. The mobile component, on the other hand, allows field adjusters to access information such as client profiles related to claims records and updates to claim status.
As an additional aid to field adjusters, the mobile device client can map affected customers in a particular area that is likely to be impacted.
This is not to say that the opportunities for adopting mobility lie only with companies that sell life and property and casualty insurance.
There is no reason for IT to resist consumerization, but to accelerate it to offer more of the ease of use, immediacy, and intimacy of consumer technology.
If an IT department fully embraces mobility and the changes it brings, it will have become consumerized and the business will reap massive benefits. Such changes represent a significant challenge to the design of business processes and to the structure of existing applications. New approaches to IT Service Management, new methods of managing devices, and new ways of building applications all represent a starting point on a long journey.
Phasing out existing wired infrastructure entirely is tempting, but that transition must be balanced against the payback period for legacy investments, requiring careful planning.
Context-aware applications that take into account location, time, and proximity to other services and capabilities may be the next frontier for applications. Based on that segmentation, strategies should be crafted that make for more productive workers and more efficient processes.
But to get the benefit of mobility as a main course requires a deeper and more systematic analysis. Sensitive data becomes widely distributed, leading to damaging news reports and drops in market value. Data security technologies such as digital rights management, data encryption, and application signing help ensure the safety of corporate data.
Prudent IT service managers should embrace Quality of Experience as a metric, which has become something of an imperative for mobility. Each segment has innate needs that banks should address using proactive business initiatives that focus on the users’ requirements and comfort level with technology.
The potential of telematics applications is analyzed along with specific suggestions for applications related to product development, marketing, distribution, new business and underwriting, account management and services, and claims.
Some of these areas could revolve around customer interactions, inventory management, quality assurance, and asset tracking. Robust purpose-based applications need to be designed and offered as native on smartphones. They weave themselves into the fabric of everyday life until they are indistinguishable from it.” The power of applications on mobile devices equipped with sensors that detect aspects of the environment or interact with other devices enables a whole new class of applications. With the implementation of the Affordable Care Act, individuals and employers are expanding their benefit plans to include products such as critical illness insurance. Another significant data point shows that carriers who participated in both the 2012 and 2013 surveys had their premiums grow by 17% annually on average. It also indicates there is growing need for this type of supplemental health insurance product and that, so far, these products are priced correctly.
However, the survey results revealed that the average critical illness insurance policy covers just 13 different conditions. A licensed insurance agent can also provide you with additional information on individual insurance plans for your family’s specific needs. In evaluating all pertinent considerations, it is important to be aware of current trends within the professional liability insurance market.
No wonder then that out of 180 million Pakistanis, only 4.1 million are individual life insurance policyholders.
While I believe that reservations of Takaful operators are legitimate regarding paid-up capital requirements — and should be revised by the SECP — allowing conventional insurance companies to start Takaful operations will certainly lead to a rapid expansion of the country’s insurance sector.
Unless they can completely isolate their takaful business units, they won’t be able to attract a non-traditional consumer. The way ahead is to translate these opportunities into mobile applications that cater to stakeholders’ needs. Enabling claims capture from the field and providing real-time access to required information, including information from third parties or service providers will allow insurers to control and manage their losses better.
One of the ways this challenge can be handled is by deploying field adjusters to the affected sites and giving them information about customers.
Field adjusters can visit damaged properties, take pictures, and upload them to the insurer’s database directly from the device.
It can also be used to communicate with customers using channels conducive to them such as mobile calls, email, and social networking tools and advise them about how to stay safe in affected areas. Reinsurance companies can also use mobility for many of their processes, both internal and external.
The first article in Perspectives looks at how each of these layers has evolved, where it is going, and the implications for those mapping out an enterprise mobility strategy. IT systems can be broken down into applications, information and technology infrastructure. This article also encourages implementing an Information Security Governance Framework to underpin these technology solutions. If a unified customer engagement platform is selected, creating and maintaining many versions of apps can be avoided.
Applications will emerge that are embedded, context aware, personalized, adaptive, and anticipatory.
This standardization keeps the products easier for consumers to understand, without having to compare a vast range of offerings. While processing claims, data that was missing from an initial capture can be easily populated by a customer using a mobile app. When the user is driving, the mobile device can answer incoming calls with a prerecorded voice message asking the caller to call back later. For example, these points could be calculated based on aspects such as the driver’s response to risk alerts or adhering to speed limits. To this end, advanced catastrophe claims management systems that use mobile devices enabled with specialized smart applications can help adjusters.
This kind of enterprise collaboration, through the use of collective intelligence, results in benefits for both the insurer and the insured.
Another advanced feature is the use of augmented reality mashups, utilizing the power of GPS, maps, and camera images to locate affected policyholders easily. Though the proliferation of this revolutionary technology in this line of insurance may not be as substantial as it would be in life or property & casualty, mobility will nonetheless find a place with workers such as claims adjustors.
Each of these layers is used by different stakeholders, from customers, to vendors, partners, and suppliers, to executives and staff. Opportunities for ubiquitous applications abound for consumers, in industrial settings such as manufacturing and utilities, and in verticals such as banking, insurance, and healthcare. Traditional devices like refrigerators and cars are incorporating chips with mobile communications capabilities, and smartphones and other mobile devices are increasingly enabled to act as remote controls for other devices, which can be diagnosed, remotely started, or monitored over the Internet. Another class of application relates to mobile telematics, which allow insurers to collect data as it is generated for specific products such as car insurance. Insurance players have always weighed the cost savings accrued against the expense of implementing these systems. Insurance companies should take a closer look at their value chain, and assess where mobility can make a difference. But as the era of mobility unfolds, specialized smart applications running on mobile devices will make telematics available more widely. These applications also have accident detection algorithms that use the phone’s accelerometer. Corporate clients could take advantage of applications that track and manage all employees that fall within a group insurance policy. These applications can turn a smartphone into a cost-effective telematics device that provides much of the same functionality. In case of an accident, a sudden change in g-forces is detected by the accelerometer, and the application deduces that a vehicle collision may have taken place.
Many measures are needed to ensure security while allowing mobility to enhance productivity.
It can call for emergency services by automatically dialing a preconfigured emergency number and notify the insurer.
This can be a win-win situation—the insurance company gets the benefits of a telematics unit and customers can use smartphones as a life-saving device – by helping prevent accidents and automatically notifying emergency services in the event of one. When the call is placed, a prerecorded message informs the hospital’s emergency response unit about an accident in a certain location. Since this is a real-time scenario, the insurer is alerted immediately and can assist the customer faster.



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