While people may be feeling a tad uneasy as the Fourth Industrial Revolution ushers in all kinds of technologies that are disrupting the marketplace, these changes also create fantastic new opportunities to improve our lives and our safety. So, if your anxiety is getting the better of you because the business world’s landscape keeps shifting under your feet, read more about the exciting technological developments in the automotive industry that could take some pressure off your pocket and your nerves!
Driverless cars may still be beyond our reach, but the updates to automotive technology are all about turning your vehicle into an advanced data-driven machine that can keep you much safer than ever before. The goal of this technology is fewer deaths and injuries, and, to achieve this, most vehicles are now being manufactured with ADAS – Advance Driver Assistance Systems. These telematic solutions have the potential to reduce the risk profile of drivers, especially if they’re young and inexperienced.
So, how exactly do they do this?
Well, less risk means lower premiums. So, if all this technology can be proved to work in terms of drastically improving drivers’ safety, it’ll mean money saved every month. Several studies have found that safety technologies such as forward collision avoidance, adaptive headlights, and park distance control could lead to a 30% drop in claim frequency.
But the safety features are not the only benefit to both the insurer and driver,
The more data-capturing capability cars have, the more information insurers have access to, and this enables them to update their services and offerings accordingly. Insurance premiums can be worked out more precisely based on accurate information about the driver that’s taken straight from the car’s tech system. What’s even better, is that this ability to monitor individual drivers’ behaviour and choices will allow insurers to directly target customers with services they know the person will have an interest in. No more annoying phone calls or messages that don’t even apply to you!
We all know that in a country like South Africa quick and efficient breakdown or emergency assistance is a must-have. And, with the coming technology, your car will be able to transmit its location the moment there’s been a collision, making your insurer’s response time that much faster. Again, the driver’s safety is enhanced and it’s very likely that a lower premium will go along with it.
These kinds of real-time digital interactions are becoming the norm as more and more insurers have started upgrading their IT systems to enable services through devices like smartphones and tablets, creating a user-friendly experience where drivers are always connected to their safety net.
One possible drawback of these new technologies is that they may cause too many distractions. True success will depend on whether these latest innovations can be made accessible and streamlined enough to keep the driver’s eyes where they should be. But, given the advances that are slowly but surely coming to life, there seems to be no reason why the tech boffs won’t be able to figure this out too!
At PPS Short-Term Insurance we’re always keeping track of the next best thing in the automotive industry to understand how our policies and services need to grow along with the coming changes. And by keeping our customers up to date on the technologies that will keep them safe while also saving them a pretty penny, we ensure that they are always getting the best deal. Contact us today by phone or email and find out more about our cutting-edge car insurance policies!
PPS STI is a licensed Financial Services Provider FSP 46274.
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