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Augment Consumer Loyalty With Vehicle Telematics
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Building customer loyalty amidst slowing consumer demand is a rare feat any business and insurance segment is no exception. Right from offering security while driving to saving money on claims and paying the premium, insurers are leaving no stone unturned to build customer loyalty. At this stage, it is pertinent to examine what contribute to building loyal customers. A closer look at factors contributing to the brisk pace of telematics growth makes an interesting reading.
All are Interested in their Welfare
All are interested in their welfare. Hope everyone agrees to that. When it comes to welfare there are two aspects, first person’s welfare, second their vehicle’s welfare. Telematics satisfies both. In persons’ welfare, telematics helps in increasing safety and security of the vehicle owners through sending alerts. GPS induced alerts like choosing the right way to avoid traffic snarls, averting accidents while parking and finally reaching to the safe destination promotes the welfare of vehicle owners. Similarly, telematics alerts help in reducing the wear and tear of the vehicles by directing through safe geographies, avoiding indifferent weather etc. Moreover, telematics helps in reducing the fuel consumption, availing roadside assistance to avert diverse mishaps. Welfare promotion is a marketing tactics to build the loyal clientele. Insurers armed with telematics, simply takes advantage of this.
Cost Savings Builds Customer Base
Usage-based insurance has revolutionized the vehicle insurance segment. Now that drivers are paying for ‘how they drive’ cost pressure of vehicle owners are reduced,subscriber base of vehicle owners who are more inclined to pay for ‘how they drive’ is widening. UBI has immensely helped vehicle insurers to grow its market share by creating more loyal customers.
Saving on cost is not just the concern of individual vehicle owners. For the fleet managers, it is about directing the drivers through remote interacting on their mobiles and suggesting safer routes to avoid heavy traffic thereby saving on fuel other than avoiding accidents. It also helps them to weed out ill-behaving drivers and retain well-behaving drivers. Every business is survived by their productive staff. For transport and logistics sector, improved drive score cards are paths to profit, nay, vital for performance and creating loyal customers.
Next important saving mechanism is claims processing. Insurance claims are processed with the help of telematics data. This data helps to separate genuine claims from bogus claims. This data includes weather details, date, time, and location of the crash, speed, and travel direction. These vital data help in reducing the time information gathering enabling an adjuster to settle claims faster. When genuine customers are rewarded it will result in customer goodwill, growth, and profitability.
Ancillary Services Builds Customer Base
In today’s context, utility alone will not help in brand building. Customers are oriented towards entertainment. Understanding this trend, IT vendors provide gamification features for the entertainment of customers. Gamification helps in interacting with other drivers during traffic blocks or as individual entertainment while driving. If there are only utility options, drivers may not have the interest to log on to their mobile apps. Because of this reason, gamification helps in expanding the subscriber base.
Roadside Assistance Features Build Customers
Imagine a scenario where the car broke down. Don’t get panic. Push button for roadside assistance. Cars equipped with ‘Breakdown call system’ enable data connection to transmit car diagnosis to the Secure Operating Centre. In most cases, drivers in need do not exactly know their location therefore unable to describe the problem when seeking for assistance. Through B-Call, the SOC access directly precise location information and provide a quicker remedy. This helps in saving time and money thereby building a loyal clientele.
Before the vehicle telematics came to picture markets have not been kind to vehicle insurance segment. Now thanks to telematics, insurers are widening their base with a loyal clientele.
Prime’s telematics system, Xemplar, enables fast and efficient two-way communication between insurers and customers. Xemplar’s mobile app-based system saves you money on hardware and infrastructure costs while also accommodating any mobile device or tablet, reaching drivers anytime and anywhere, and providing your business with critical information in real-time. Contact us now, and in less than 24 hours you will have the best technology solution for auto insurers.
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