Tag: telematics

In fleet management, determining the optimal vehicle replacement cycle is critical for operational efficiency, safety and costs. A poor decision impacts maintenance costs and cash flow. Advancements in telematics and leasing models are shifting practices.

The adoption of fleet management systems in South Africa is accelerating. This is leading to safer roads. To keep up with rapidly evolving telematics technology, fleet operators are advised to view their systems through a more holistic lens. According to the Fleet Management in South Africa 2024 report, the country’s fleet telematics market penetration rate is expected to rise. It is estimated to grow from 41.5% in 2021 to 68% of the total fleet vehicle population by 2026.

Auto insurance is leading the charge with the adoption of dynamic pricing, which entails developing policies that are more cost-effective for low-risk customers and using a different premium model for high-risk policyholders. There is significant potential for life and health insurers to capitalise on this momentum and embrace this model within subsets of their product offerings.

Data could be the most valuable asset for any company in a data-driven future. CIOs will have to build frameworks and create methods to discover and realise the potential of their data. This will be crucial to increase the value provided to all stakeholders, and to secure the future success.

Data and analytics are important sources of information to track any fleet. Modern fleet management solutions can help fleet owners stay informed about the condition of their fleet. They can also now make informed decisions through accurate reporting and ultimately, reduce unnecessary costs by eliminating human errors.

The Internet of Things (IoT) has been a hot topic for a number of years, but the pervasive and affordable connectivity required for successful deployment has held back its progress. This is rapidly changing, with the rollout of fibre to the home, 5G and even Elon Musk’s recently launched Starlink satellite.

The pandemic and the lockdown have reduced our mobility, but our connectedness - via IoT, the Cloud and AI - has helped us overcome this. As society gets moving again, connectedness will redefine the way we do it.

The insurance industry needs to get ready for ‘Insurance 3.0’ – the next stage of evolution for the industry to accommodate the changes brought on by our current pandemic. But wait, aren't we still trying to reach level 2.0? Yes and no.

The insurance industry has been characterised as traditionalist and conservative - an industry that is slow to change with limited consumer reach. Technology innovations...