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October 2024
NEWFOUNDLAKELIFE.COM
Page 23
Real Estate
can reach us at 603-744-5000 or email us at info@newfoun- dins.com.
Our ad is on the front page or visit our website www.new- foundins.com
Your Insurance Guy Telematics!! Tele What???
report on a number of the op- erational characteristics of your car. When you bring your car in for service, the technician plugs in a portable computer and downloads the diagnostic report from the computer in your car and looks at the various error codes that then lead him down the path of which service needs to be performed.
Those same sensors that pro- vide the diagnostic information as well as other sensors in your car can look at and record how your car is being driven or per- haps more accurately, how you drive. The sensors can detect the rate at which you accelerate and more importantly the rate or severity at which you brake and the frequency of those events. There is other data that can and will be collected and when combined, the data will be used to create a profile of you as a driver. Your insurance pre- mium will then be determined on your unique driving style. Good for those that are “good drivers”. Not so good for those that are, shall we say, a bit more reckless.
It doesn’t end there. You know the GPS in your phone that knows where you are and where you are going? It would be naïve to think that phone data won’t also be part of the picture your driving profile. There are sensors in your phones (accel- erometer) that can provide data which is especially useful in the event of a crash. The data from the accelerometer in your phone can provide information about how fast you were going as well as the impact force of the crash. Although there are privacy laws to consider you can bet that in- surance companies are going to lobby hard to make sure they have access to data available in both your car and your phone in
the event of an accident.
It is going to be very interest- ing to watch this all unfold but be prepared for the future and a time when all the data about how you really drive is available
to your insurance company. Please feel free to call us with any questions or concerns about your insurance coverages. We are happy to help. We are here to answer any questions. You
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By Jim King newfounD insurance
If you haven’t heard the term Telematics, yet, you will. So, what exactly is Telematics and why should you care?
At a high level, Telematics is the ability to collect informa- tion and use it to make deci- sions or better understand what is happening or has happened. Telematics under another name has been used for years, actually decades in industrial settings to constantly improve manufac- turing processes. At its core it is the collection of data to re- duce waste, improve yields and deliver a better more reliable product to the customer.
In the aerospace industry, a version of telematics called Prognostic Health Monitoring (PHM), is used to monitor the health of the engines while the aircraft is in flight, informing the pilot if there are any issues that need attention. As in, “next time down have the technicians take a look at the engines” or... .”.you need to find a place to land...right now”!
So, why is Telematics im- portant in the insurance world? Well, quite simply at some point in time in the future and I mean the not-too-distant future, your auto insurance premium will be calculated based on data pro- vided by Telematic systems. Es- sentially, your premium will be determined on how you drive. It leads to a highly individualized insurance premium.
There are currently sensors in your car that can detect and
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