The auto insurance sector is poised for disruption through IoT devices and beacon technology. By tapping into connected car telemetry and driver behavior data, insurers can evolve premium pricing, risk assessment and customer engagement models while enabling powerful post-accident use cases.
Bluetooth Low Energy (BLE) beacons specifically open doors for innovation by transmitting contextual location signals between enhanced insurance mobile apps and sensor-equipped policyholder vehicles.
For example, by installing BLE beacons within policyholders’ cars and registering the signals with the insurer app, notified accident response can become automated. If beacon transmission stops for a preset duration after detecting a crash-level impact or airbag deployment via sensors, the app can invoke emergency contacts and share the vehicle’s last detected location.
Additionally, having the driver’s mobile app active upon vehicle entry allows continuous tracking of trip durations, distances and road types via the in-car beacon for usage-based insurance pricing. Distracted driving can also be deterred by apps limiting certain mobile features when paired with the vehicle beacon during ignitions.
Insurers are also exploring beacons for streamlining claims management by enabling self-service loss assessments. Policyholders can walk around accident damage on their car while using insurance app features guided by proximity to small wireless beacons temporarily adhered around impact areas. Guided image capture with damage severity analysis through AI assists immediate payout decisions.
The rise of autonomous mobility will demand flexible premiums and risk coverage also based on ADAS features and location risks identified via beacons installed in self-driving car interiors. Similarly, enhanced assistance services relying on beacon signals can be life-saving if such vehicles get immobilized in remote areas.
As IoT permeates the evolving auto landscape, BLE beacons are sure to drive the next wave of insurance innovation via spatial intelligence. This spans usage-based coverage, crash response automation and self-service claims to personalized premiums for driverless cars and other emerging mobility platforms. The opportunities for insurers to reimagine engagement, pricing and risk management models are truly unbound.
