Andrew Bennett, CEO of Coverbox, explores the tech behind telematics and the powerful little black box capable of communicating one-second data over the cloud
History is a strange thing, what can be taken as commonplace now we often forget was transformational at the time of adoption. Cases in point include the onset of computer-generated quotations, the use of emails for communication and online purchasing through price comparison websites.
All of these have revolutionised the insurance sector, all of which were often resisted, adopted and then became part of the landscape. More recently telematics and the application of data is trumpeted from all parts of the insurance sector, but again we see resistance and reluctance before we reach acceptance. Self-knowledge is key, we all know data is already transforming our daily lives and it will be so in insurance too as telematics become integral to our daily mobility going forward.
AI and ML
The adoption of AI has begun to transform call centres and online journeys along with claims handling and document processing. In fact, almost every element of the insurance business is changing albeit slowly.
We hear talk of radical shifts in workforce requirements as result of automation. Insurers and brokers need to retrain staff in using these technologies, which will ultimately require less people to function. In a growing business like ours it’s a great position to be in, but it will pose challenges in businesses with low growth. It is coming and again in no time it will be commonplace.
Machine learning is fundamental to Coverbox’s proposition and our technology partner Insure Telematics Solutions. We have seen a great leaps forward in the ability to accurately detect and diagnose an accident all generated through complex algorithms accelerated by the use of machine learning. We are a small company with big ambitions, consequently working with leading edge providers like Insure Telematics Solutions is essential.
Path to Adoption
Coverbox was an early adopter of telematics. When few other players within this niche market had the ability to provide a true end to end service, Coverbox had its own rating engine and was already developing machine learning.