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HOW MRI DIFFERS FROM FIRST-GEN SMARTPHONE TELEMATICS: 10 MAJOR BENEFITS


Insurance

2
MIN READ


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Key Takeaways

 * Telematics technology has come a long way over the past few decades.
 * As mobility becomes more complex, we're in need of better solutions to truly
   mitigate risks. Enter: MRI.
 * MRI stands out from prior smartphone telematics programs with key benefits
   that improve acquisition, retention & profitability for insurers.



In the last few decades, we’ve witnessed an impressive evolution of telematics
solutions, in an effort to make auto insurance fairer and roads safer across the
globe.


From the very first GPS system launched in 1978 to the emergence of usage-based
insurance via embedded black boxes, On-Board Diagnostic (OBD)-II systems,
Bluetooth Low Energy (BLE) beacons, and the first smartphone-centric programs in
2010, telematics technology has come a long way.
‍




But as mobility grows increasingly complex due to new paradigms, shifting
behaviors, and nascent technologies, we’re in need of better solutions and
platforms to understand and reduce evolving mobility risks.

> More specifically, there is a global need for technology platforms that can
> ingest large troves of data from ubiquitous sources at scale.

Enter: Mobility Risk Intelligence (MRI), powered by AI and machine learning
algorithms trained by over 200 billion miles of driving data, which is collected
through the most ubiquitous device out there: the smartphone. 


But how does MRI relate to and differ from traditional first-gen smartphone
telematics, and what are its benefits that will help shape the auto insurance
industry as we know it? 


10 GAME-CHANGING BENEFITS OF MRI VS. TRADITIONAL SMARTPHONE TELEMATICS

MRI goes above and beyond traditional solutions, more effectively solving key
problems in retention, acquisition, and long-term profitability.
‍





CUSTOMER ACQUISITION


Today’s insurers face high customer acquisition costs and limited visibility
into a potential policyholder’s risk. As a response, MRI provides discounts
through UBI programs along with easy, engaging customer experiences, as do most
smartphone-centric solutions. But MRI goes a step further in strengthening
customer acquisition with its Insurance Qualified Leads (IQL) platform.


1. EMBEDDED INSURANCE EXPERIENCES

‍Through IQL, MRI allows for anyone, prospect or customer, to participate in
digital test drive experiences via consumer apps they love and use every day.
These experiences are not just offered to existing customers, but also to anyone
who opts in, making it easy and affordable for insurers to offer savings and
acquire preferred risk.


2. ADVANCED CONSUMER ANALYTICS

‍Taking insights from millions of drivers across the globe, IQL analytics gives
insurers access to important marketing analytics. It also provides access to
advanced behavioral and contextual data for improved segmentation (Think: make
key decisions based on which roads drivers take, nighttime driving, highway
driving, daily or weekly mileage, and other valuable insights.)



CUSTOMER RETENTION


As consumers search for new ways to save on their car insurance (partly fueled
by this pandemic), they’re becoming increasingly open to switching carriers for
the right deal and a better experience. For insurers, customer retention is more
important than ever.

Engaging UBI programs that offer attractive discounts do help insurers with that
retention issue, but MRI tackles it from all angles. Here’s how:


3. DISCOUNTS BASED ON SEVERAL CRITICAL RISK FACTORS

‍Keep prospects and customers coming back for more by offering fairer, more
accurate scoring based on how they drive, how far they drive, and much more.‍

4. FAMILY SAFETY ALERTS

‍Get access to new risk insights like route safety for families, ensuring loved
ones always opt for the safest route.


5. AUTOMATIC COLLISION NOTIFICATIONS

‍Provide timely, automated assistance in the moments of truth.


6. REWARDS AND GAMIFICATION

‍Keep customers loyal by providing easy, seamless, and unique digital
experiences throughout their entire journey.


LONG-TERM PROFITABILITY


In 2021, as a recent Auto Insurance Report suggests, the number of drivers on US
roads was on the rise again, and insurers were facing higher costs and lower
profits.


Smartphone telematics solutions and MRI both take these problems into account,
helping improve policyholder driving behavior and reduce loss ratios. However,
MRI ensures long-term profitability for insurers via:


7. ULTRA-PREFERRED RISK ACQUISITION

‍Acquire safer drivers and spend ad dollars on the right target market to
ultimately improve expense and loss ratios. Price customers in a better way,
leveraging data that is varied, fresh, and high in volume, and make smarter
marketing decisions via IQL analytics.


8. SIGNIFICANT IMPROVEMENTS IN DRIVING BEHAVIOR

‍Unlike other telematics apps that provide limited avenues of ongoing
engagement, the MRI platform offers critical insights and experiences that keep
users engaged throughout the customer journey. Higher engagement leads to a
significant increase in improvements in driving behavior. Our data shows that
timely engagement and intervention can reduce the likelihood of collisions by
49%.


9. REDUCTION IN FRAUD & CLAIMS SEVERITY

‍Reduce the cost of claims, fraud, and cycle times by instantly ingesting
actionable claims insights through automated FNOL.


10. BETTER PRICING & SEGMENTATION

‍Develop highly predictive frequency and severity models by leveraging the MRI
platform, existing telematics data, and historical claims data - leading to a 6X
better lift.



THE CRUCIAL BONUS BENEFIT: MRI IS EVER-EVOLVING & ADAPTING


As we look ahead, we’ll see mobility continue to evolve, and mobility risks
consequently become increasingly complex. 


> Alongside all of the unique benefits MRI provides over traditional smartphone
> telematics to help insurers solve problems in customer acquisition, retention,
> and long-term profitability, there’s one key added benefit: the future-proof
> platform is constantly refining itself with fresh data to understand and
> mitigate new risks. 

To do so, Zendrive will continue to provide risk signals and insights to its
growing partner base around the world. And that’s what truly sets MRI apart.


LEARN MORE ABOUT ZENDRIVE’S MRI PLATFORM VIA OUR COMPREHENSIVE GUIDE, OR CONTACT
US DIRECTLY BELOW.

Contact us





Meara Hamidiani
Senior Content Marketing Manager
Read more of my articles



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