New telematics common standard drive launched

A new drive has been launched to set a common standard for telematics.

The campaign by independent telematics data and solutions expert Wunelli will focus on collection, verification and security of data.

And ahead of the implementation of the gender ruling in December 2012 which is expected to prompt a big rise in telematics products and take-up, the company will be inviting senior insurance executives to its first data-focused think tank in Loch Lomond, Scotland in the next three months.

Telematics is also expected to form part of the Office of Fair Trading’s review of motor insurance premiums.

Sandy Dunn, chairman of Wunelli said: “Insurers have a small window of opportunity to agree a common data standard.

“As an industry we need to grasp the opportunity now, while telematics is still in its infancy in the UK, or we will find ourselves facing the same issues insurers faced, for example, in sharing ‘no claims discount’ information.

“We know there is an appetite to use telematics data for underwriting - Coverbox recently announced its plans to release a report to its insurer panel analysing 250 million miles of vehicle journeys to demonstrate the power of the information  - but we must have certainty around the quality and security of data and agree common standards in the way data is collected to optimise the future benefits.” 

Wunelli has already introduced standards for use in motor insurer rating engines such as Polaris, CDL and SSP and plans to publish its proposed data standards by the end of April 2012. These will provide the foundation for discussion during the think tank.