Imagine risk managers overseeing a world in which every time a driver gets behind the wheel, they dock their smartphone on the vehicle’s dashboard, enabling both data-tracking processes necessary for precise underwriting and a window to driver distraction equally challenging to the risk management process?
Earlier this week, an estimate out of the U.K. research firm Juniper declared that, by 2016, “92 million vehicles will feature technology to integrate smartphones into motor vehicles.” This settles a debate at the core of telematics as to where devices enabling the proliferation of driver monitoring would come from. Smartphones are the obvious choice; they leverage technology already in consumers’ pockets and streamline data collection by giving insurers the opportunity to build the capability into a pre-existing app network.
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