Today I read an article By Brian Fung, The big data of bad driving, and how insurers plan to track your every turn which was shared in a private IoT forum.
It was thought provoking on how Driving Habits, Analytics, Internet of Things, Usage Based Insurance, Connected Cars, Behavioural Monitoring (keywords deliberated in article) are being used by companies in America for a variety of purposes. I was wondering if the same could be replicated in India. Though there is no dearth of India based apps/ IoT products, the focus of this post would be purely on “Will driving analytics for Insurance work in India”
I suppose implementing something pervasive like this in India is going to be a huge challenge since everything is totally unstructured and unorganized country wide.
First Important thing being lack enforcement of rules and regulations by relevant authorities especially RTO and actual lack of National standard for validation of driver capability. Anyone and everyone can get a driving license easily.
Second, Unless All insurance companies bury their hatchet and unite together through some industry association along with a major backing of automotive companies plus very importantly some kind of legislation passed in its favor this could be possible.
Third, Our country is know for long pending arbitration cases in court, though civil cases by regional/state level Consumer Disputes Redressal Commission have much faster judgements. Anyway the point I would like to reiterate here is it depends how a case is treated and where and how fast the judgements can be available which in reality is everyone’s guess.
When there is a huge oversight in the way one obtains a driver’s license, I don’t think it is logical on the part of someone to do something like this, knowingly that they will have 90% of success in proving drivers aren’t that capable and insurance denied. Unless there is more awareness and one does not try to fool the system for one’s gain. Its a long way down the road to have something this sort implemented in India at least for now.
It can be still be done in a different way such as a consumer – car manufacturer private agreement to monitor usage/performance deterioration of parts/car etc.
Saying so reaching mainstream consumers I suppose is a long way ahead but logistics/shipping companies might bear the brunt of such upcoming technologies which I suppose will be demanded by either the client or insurance companies or both.
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