Practical example of big data, predictive analytics and why you need more than just telematics.
Insurance companies exploiting telematics flood young driver's parents with "red flag" warnings yet often, as described below it should be no red warning as the behaviour was good.
Internal, external, historic and streaming data combined in platforms- SmartDrive with the example below and 360Globalnet in the insurance market.
For example, a telematics solution would capture a hard braking event and classify it as a negative behavior. But SmartDrive’s CEO Steve Mitgang points out. “That is not necessarily indicative of bad driving. What if a hard braking and swerving event occurred so the driver could avoid an accident with a teenage driver that swerved into his lane?” SmartDrive Systems is a predictive analytics supplier whose solution is based on a public cloud architecture. In other words, all of their customers’ data is captured by the company; they have telematics and video on four billion miles driven, of which they scored almost 200 million events. SmartDrive’s customer agreements allow them to analyze all the customer data so they can continue to improve their algorithms. “We are constantly tuning and improving our algorithms,” Mr. Mitgang said.
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