Telematics Software Slashes Insurance Costs

For younger drivers, being able to afford a necessity like car insurance can prove to be a monumentally difficult thing to do.

As insurance companies continue to raise premiums that are pricing drivers off the road, the younger generation must find new ways to reduce these high monthly costs. And insurance companies may have discovered a way to get new drivers behind the wheel while also keeping the roads safe through a breakthrough technology that uses black box telematics.

This recently introduced black box telematics software was designed to filter out drivers who are more likely to file an insurance claim, but also reward safe drivers who have lower premiums.

French automaker Citroën partnered with Teletrac to release the first consumer vehicle with a standard fit telematics-based insurance solution in its new C1 Connexion. This innovative insurance program analyzes driver safety behavior through Teletrac’s telematics platform to provide the driver with regular feedback and allows insurance companies to help change the behavior of unsafe drivers.

The C1 Connexion’s black box is a four button device only slightly larger than a quarter. It allows drivers to contact Teletrac’s satellite navigation, Citroën’s roadside assistance service, emergency services, and to connect directly with the insurance company as well.

While on the road, drivers are given notifications regarding changes in an upcoming speed limit, approaching speed cameras and if the vehicle is driving faster than the posted limit all through the black box.

By signing up for this program, drivers must keep an eye on their safety score, which is delivered every 48 hours via an email from Teletrac’s safety analytics system. If poor driving is identified by the analytics system, the driver is warned. If a driver receives four warnings throughout the year, their discounted insurance is cancelled. These added initiatives are helping Citroën reward customers for their good driving habits, and keeping unsafe drivers from maintaining that behavior.  
 
Teletrac’s safety analytics system provides a comprehensive safety score that is assigned to drivers based on metrics extracted from analyzed miles for a specific time period. These safety scores are calculated from harsh braking, speeding, harsh cornering, harsh acceleration, and stop sign violations. And the score helps insurance companies analyze how drivers are performing at all times.

Personalized safety scores are sent to drivers regularly and allows them to analyze their scores and replay specific events. Users can view the maneuvers which contributed to their overall score, with the ability to replay and analyze the driving leading up to these events. The site provides both quantitative and qualitative feedback on driver behavior contributing to scores in an easy-to-use dashboard.