Traditionally the telematics market has relied on devices to be self-installed by a technician
Telematics provider Trakm8 is aiming to keep data flowing during the Covid-19 pandemic by offering a device that can be self-installed as a short-term solution.
This is due to the government’s response for all non-essential workers to remain at home to mitigate the spread of coronavirus.
Traditionally the telematics industry relies on skilled technicians to fit telematics devices.
Barney Thompson, business unit director for data specialist Trakm8’s insurance division said: “In the face of truly unprecedented circumstances, Trakm8 is offering its self-install devices to insurers and brokers as a short-term solution until installers can get back to work, without the need for a long-term commitment.
”The data collected from Trakm8’s devices can be sent directly to insurers usual data platform or displayed back to them via a simple portal.
“Professionally installed devices comprise a large proportion of the telematics Motor Insurance market; a market that, until government restrictions are eased, will be heavily constrained. In their place, self-install solutions will have an important role to play in bridging the telematics gap to ensure policy cover can be given.”
Trakm8’s telematics device is used by many of the UK’s insurers and brokers. The telematics provider deals with technology solutions for fleet management, insurance telematics, optimisation and vehicle camera systems.
Thompson added: “Understanding the urgency with which many businesses needs to replace their data flow, Trakm8 can get organisations up and running with our self-installed solutions within seven days, with no integration and we have removed our normal upfront costs to help insurers and brokers move swiftly.
Meanwhile Penny Searles, ex-chief executive at Smartdriverclub, told Insurance Times: “Clearly it’s a challenging time for every industry in a country wide lockdown. Insurance companies are well equipped to change their structures to ‘working from home’ and it’s been impressive how this has been done by many in such a short space of time to ensure business continuity.
“One casualty however is telematics insurance when the device is required to be installed professionally.
”A lot of brokers and insurers only have a ‘hardwired’ installed device capability, which means new business sales of telematics polices are being impacted, but it is a great opportunity to use the self-install devices that have now been proven in the insurance space to ensure that policy levels continue.”
Not subscribed? Become a subscriber and access our premium content