Connected Vehicle data – relevant to insurance?
We at Redtail think YES most definitely! Here’s why…
But first, what is Connected Vehicle?
Most cars produced since 2019 can (with the owner’s consent), produce a stream of data describing where and how the vehicle is being driven. OEMs produce this in their own different formats, but Redtail converts the OEM data into our standard format and thus making it viewable on our portals to help insurers assess risk and manage claims. The data can also help fleet managers understand how they can manage their fleet more efficiently and effectively.
This data stream is, in essence, Connected Vehicle.
As a journey is completed the data is (within a minute in most cases) transformed into our standard format for Journeys for you to use. This OEM data (Connected Vehicle data) is now identical to data created from our devices (processed consumable journey data).
Connected Vehicle capability can produce additional event data that may be relevant to understanding the risk of a driver making a claim. For example, we know if the passenger seat is occupied or not. This may mean a claim for injury may be increased or prevent fraud. We are also told if driver aids such as traction control are enabled. These may mean the likelihood of an accident (or the severity of damage) is reduced.
Data analysis is easy with our systems!
As seamless as using one of our devices, data access is simple. We can push out a notification as soon as a journey is ready. When a notification is received, a customer can call our API to download a JSON document containing detailed 1Hz data describing the journey. This document is in the same format as documents created by our devices. So, whether you’re consumer data using one our of devices or via Connected Vehicle data connection, data analysis is easy with our systems.
Many of our customers have large investments in existing systems. We are happy to work with you to create bespoke feeds to integrate with your new or existing systems and data, even including translating between different measurement methods such as time and distance. Sound great in theory but worried how difficult this would be in practice? No need to worry, we have proven cases of how easily our developers can get you set up, regardless of whether from hardware device data or Connected Vehicle data.
Data is available to you via REDTAIL’s flexible and open APIs
REDTAIL is trying to help you, the motor insurer, to realise long promised scale with actionable, valuable telematics data relevant for ever-broader segments within your book. Our Connected Vehicle data is immediate, rich, and validated through our typically robust Proof of Concept testing. It is available to you via our flexible and open APIs. Plus, Redtail offers accessible and manageable web portals and mobile apps that can be tailored to your specific requirements. And lastly there are rich and powerful additional datasets available set to enhance proposition and claims evolution going forward.
We are excited to start your journey of Connected Vehicle and its place in the world of IoT technology.