Cloud Computing - The Telematics system and the insurance industry

The vehicle telematics User and system Based Insurance expect a change in the future and are trends in the automobile insurance business. The insurance marketplace is being transformed by Digital technology and the insurance companies are investing attention by adopting vehicle telematics system to fulfill with the consumer anticipation. The consumer vehicle incorporated with the telematics system can help to compute insurance coverage premiums that is determined by the distance covered by the car, the speed the driver keeps while driving, as well as the overall driving behavior of clients as this information may be read and saved by the telematics application and made available to not just the insurance companies, but also all stakeholders.

Vehicle telematics launching new approaches to reach out to the customers and is recalibrating the automobile insurance sector aspire. The rise of automobile telematics not only altering the policyholders requirements, but disrupting the way. Insurers are offering insurance programs that are personalized to each individual. The process which telematics has brought in recently with this shift and has made the insurer to stand up and take notice. Recent studies have demonstrated that vehicle telematics is playing a role to interrupt the automobile insurance industry for business results.

In this way, Big Data is currently playing an important role in assisting insurers to solve various challenges like data mining, handling, warehouse information, building data paths for user programs and among many others by embracing extensive and diverse data structure, that are made readily accessible to the telematics system together with the influence of cloud computing. The access control of the vehicle, real-time traffic updates of traffic jam and weather forecasts and several other vehicle telematics choices are remotely accessed with the aid of cloud computing, for both clients and insurers. The big data and cloud computing technology are the mainstream of automobile telematics system and therefore are attracting new clients towards insurance plans by providing comfort and convenience in service. Through the years, the car insurance agencies have successfully reduced the gap between insurance companies and clients. The automobile telematics enabled usage based insurance is gaining momentum to fulfill the client satisfaction with a flexible charging model over the traditional charging model and consequently policyholders can pay the insurance costs according to their driving behaviour. It's an ultimate transformation that's giving clients complete control over their insurance coverage premiums.