The Future is Here
Those of us familiar with the American cartoon series, The Jetsons, surely got a kick out of its futuristic technological gizmos and trappings. Whether we saw its ’60s iteration (in first run or syndication), its ‘80s revival, or its re-emergence in a 2017 feature film. But even George Jetson might be surprised how far technology has come in improving our ability to gather data and to use it for specific and pragmatic purposes like … driving?
Yes. Driving.
Welcome to the Connected Car
If your car is relatively new, it’s chock-full of computers and sensors you may not even be aware of. Those computers and sensors do what computers and sensors do — gather, store, and transmit data. The data they gather, store, and transmit comes from the Internet of Things (IoT) — devices that communicate and interact with others over the Internet that can be remotely monitored and controlled. And one of the chief benefits of being able to gather, store, and transmit data is that our connected cars make insurance pricing and claims service more personal and efficient.
Car manufacturers have been using telematics for a while. GM introduced OnStar in 1996. Since then, it’s been followed by Toyota’s Safety Connect, Lexus’s Enform, BMW Assist, Mercedes Benz’s TeleAid (now mbrace), and Ford’s Sync. But now insurers are tapping into the digital possibilities with things like usage-based insurance (UBI).
Using telematics — multi-faceted technology that incorporates telecommunications, vehicular technologies, sensors and other instrumentation, wireless communication, computer science, multimedia, and the IoT — actual data from individual drivers can be used to UBI make pricing more accurate, to increase convenience for insurers and their policyholders, and to improve the user experiences of policyholders.
It Only Gets Better
In fact, the digital-security firm, gemalto, cites study by the consulting firm, PwC, that suggests the connected car will contribute to the betterment of driving experiences in eight different ways:
- Autonomous driving, from self-parking to human-free driving
- Safety, from sensing danger to preventing collisions, from warning signaling to emergency calls
- Entertainment, including music, video, wifi, social media and more
- Well-being, from detection systems that can change temperature, lighting, and other interior conditions to warning drivers about signs of fatigue
- Vehicle management, including car performance and maintenance from smartphones
- Mobility management, in which satellites relay real-time traffic information, parking, and fuel availability
- Home integration that connects cars to homes, offices, and their alarm, lighting, and energy systems
- Multi-modal transport that will support people’s movements across different types of transportation in a single journey
Don’t Look Now
Even in his flying car, George Jetson might have been amazed at the potential for technology to do amazing things like keeping drivers safe as they travel, saving fuel and improving the environment (we’re not sure what powered George’s flying car), and reporting actual data like speed, braking habits, road conditions, and more.
In our next blog we’ll expand on this digitalization of the driver’s journey. And we’ll explore the ways in which UBI is shaping new forms of insurance premiums and influencing driving behavior.
We’re sure George Jetson will be reading.
