Getting insurance is often related to lots of paperwork, stress, taking hours over the phone or having personal appointments to solve a simple issue. Digitalization is part of our every day and it shouldn’t be the exception when it comes to insurance. The generation gap is slowly shifting and the younger generations are soon going to be the ones with the purchasing power. Digital natives are willing to share their data in exchange of an efficient and fast digital service. Connected vehicle data can make this possible and can help with customer retention & loyalty in the long run.
Real-time issues need real-time insurance
Connected car data makes it possible
Major Trends in Insurance
Adapt for
new generations
Gen X and The Boomer segment are currently the most active generation in influencing purchases. Nevertheless by 2025 millennials as well as GenZs will have the generation’s buying dominance.
Less accidents but higher repair costs
Many people who own or lease a car have at least one type of newer safety technology such as navigation systems and blind spot detection. This results in fewer accidents but higher repair costs.
Strong interest in mobility data
There is a strong interest in smartphone apps that provides real-time alerts and advice about driving behavior and conditions when the car is parked or being driven.
Less car ownership more on-demand
There is a potential decrease in car ownership by younger generations. Non-owned vehicles and alternative mobility options like rideshare, and rentals are used more and more.
Our Solution
Our platform delivers standardized multi-brand car data – no hardware, no installation, directly from vehicle manufacturers.
Data from more than 15 brands ready to use by one integration. Check the use cases below to see how connected car data can support you.
Pay As You Drive
Provide your existing and new customers with more flexible insurance models for all kinds of income classes. There are people who drive less often than others and it’s just fair that their insurance adapts their fees to this. It’s proven that a 10% mileage reduction is predicted to reduce crashes by 12-15%.
Your Customers Advantages
- Transparency for your customer
- Flexible insurance products tailored to the customer’s needs
- Pay as you drive can reduce energy consumption and pollution emissions
- Save crash costs. A study showed that pay as you drive user reduced driving about 7.4% and could save crash costs
Source: Implementing Pay-As-You-Drive Vehicle Insurance Policy Options, Todd Alexander Litmann, July 2002
Claim Handling
Claim handling also known as First Notification of Loss, benefits from connected car data and helps you reduce expert and analyzing costs because of process automation after a car accident and real-time data transmission. Decrease rental car costs by providing faster help to your customers in need and optimizing the claim process.
Your Customers Advantages
- Faster repair times
- Saving of processing time
- Improved customer journey through digitalization
- More value for money
- Negative event is transformed into a positive experience
- Increase in customer retention and new customers
- Customer Loyalty & Satisfaction
Stolen Vehicle Case
Bring more security into the everyday life of your clients. Whether it’s an emergency case such as a stolen car or common fraud cases, connected car data helps you minimize the damage. With connected car data, you can locate a vehicle and start its recovery process.
Your Customers Advantages
- Rapidly locate the stolen vehicle
- Minimize fraud cases
- Save costs by recovering vehicles
- More transparency
- Your customer feels better protected
Pay How You Drive
Increase customer satisfaction by rewarding your clients for their good driving. For example, respecting the speed limits isn’t only good for your own safety but also for our environment and others. With connected car data, you can monitor your customer’s driving behaviors and access to rewards such as premium discounts or partner benefits, for those clients who have done well.
Your Customers Advantages
- Reward sustainable driving
- Enjoy value-added services like teen driver monitoring, vehicle diagnostics etc.
- Demonstrate safe driving habits following an accident
- Retain profitable accounts and enable lower premiums
Your Benefits
Transparent insurance model
Improved customer journey through digitalization
Customer retention and new customers
Claim costs reduction and fight fraudulent claims
Flexible insurance products tailored to the customer's needs
Control cost rate
17
OEMs Available via our Platform
20
Countries and counting
55
Millions of Connected Cars in EU in 2023
226
Standardized Data Items
250
Millions of Data Points delivered per Month in 2022 and counting
FAQ
Can I get telematic data for just any car?
No, access to OE data is limited to specific car makes and models. Please check our lists of models per brands through: /connected-car-makes-and-models/
You can also reach out to our team to conduct a free “capability check” for your fleet, based on your list of VIN numbers.
How much does the data cost?
Two price elements have to be taken into consideration: the yearly fee to access to the Caruso dataplace and the cost of the data itself. For the yearly fee please check: /pricing/
The price of the data itself will vary depending on the car manufacturer, the number of data points and the frequency needed. Once you have a Caruso account you will be able to access detailed pricing per OEM and data packages on our dataplace.
In which format will the data be available?
Caruso delivers the in-vehicle data, for all car manufacturers in a harmonized format, through a standard API. Check our developer portal for detailed information on our API and the data points formatting: /developer-zone/
Get In Touch With Us!
Do you want to bring your insurance to the next level?
We are happy to hear from you! We can arrange a non-binding initial consultation call where we can go through all the information detailed and answer any questions you may still have. We can surely find a personalized solution for you!
Development Office
Edmund-Rumpler-Straße 5
51149 Köln
Germany
Head Office
Steinheilstraße 10
85737 Ismaning
Germany
