News Roundup - May
Here at Interactive Communications, we aim to give our visitors a website that offers some really useful information on the Telematics industry – we believe that providing you with timely and relevant information is the best way to give you some added value on a regular basis. As part of our offerings, we’ve decided to publish a monthly News Roundup for the Telematics industry so our readers can keep up to date with what’s going on in this sector in one convenient place. Let us know what you think about this News Roundup by email and if there is anything you’d like us to cover, then please let us know and we will do our best.
Some good news for the telematics sector is that a recent survey conducted by the British Insurance Brokers’ Association (BIBA) reveals that motor insurance policies involving the use of telematics have increased by 9% since December 2013. There are now around 323,000 live policies here in the UK market compared with 296,000 in December 2013. This increase has led BIBA to urge the new government to consider insurance premium tax (IPT) relief for telematics policies for young drivers in a bid to reduce accidents and make driving more affordable for youngsters.
Edinburgh City Council is on the lookout for a vehicle telematics management system that would allow it to track various metrics on a range of council vehicles. The Council needs a system with single route vehicle optimisation from companies with a proven track record in the supply, installation, testing and management of vehicle telematics systems.
According to PR Newswire, a new report by Allied Market Research has revealed that the global consumer telematics market is expected to reach more than $26 billion by the year 2020. Insurance telematics seems to be the highest revenue generating sector, contributing 27% of the total consumer telematics market revenue. In some countries (Brazil and China for instance), government legislation calls for the adoption of telematics in vehicles driving the demand for telematics solutions in these countries.
The Telegraph reports that driverless cars may well be the norm on British roads in as little as five years from now leading to insurance premiums that cost a lot less than they do right now. Injuries and fatalities caused by motor accidents are expected to decrease significantly as a result and car park disputes and whiplash claims (which account for 94% of all insurance claims) may well be a thing of the past. We’ll be seeing driverless technology not only parking our cars safely, but braking automatically and swerving to avoid both pedestrians and cyclists. The connected high tech cars that will deliver these improvements are expected to be introduced as early as 2018 – a quarter of new cars already come with this technology installed (including Mercedes and Volvos) which can eliminate human error in so many situations.
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