Today CCC announced the acquisition of DriveFactor which provides a device independent platform for telematics data and analysis.
Why is an auto physical damage estimation and analytics firm acquiring a telematics platform provider?
Well, you could say that telematics is hot, and all personal and commercial insurers writing auto insurance are scrambling to build market share. That is true enough.
You could also say that telematics data is going to be increasingly valuable in determining causation and relative responsibility for auto accidents: how fast was each car driving around a corner, who braked first, and how hard, etc.? That is also true.
But that is not the whole story.
The year is 2018. I am driving a new car, and I am in an accident. My car knows it is damaged. It also knows which systems and parts were damaged and need repair or replacement. And it knows the fastest, best, and least expensive way for that to happen. It might even know about the probability of personal injuries among my car’s occupants.
This is all pretty valuable information.
Who is my car going to give this information to?
- Its manufacturer? My insurance company? Emergency responders? Towing companies? Auto repair facilities? Or software companies that estimate the cost of repairs?
And what is the value of such data from tens or hundreds of thousands of accidents?
A telematics platform that can order the flow of this information suddenly starts looking quite valuable.
This blog entry has been republished with permission.
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The opinions posted in this blog do not necessarily reflect those of Insurance Networking News or SourceMedia.
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