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Benefits of Technology in the Automotive Industry

With technology intertwining more of our lives, the impact on the insurance industry is vast with multiple applications. The advancements in technology also allow for more vehicle owners to acquire gadgets and gizmos to utilise. We must acknowledge that there are many who use technology inappropriately while on the roadways to detrimental effects.

According to the US Department of Transportation and National Highway Traffic Safety Administration (NHTSA) Traffic Safety Facts Research Note for April 2020:  “Often discussions regarding distracted driving centre around cellphone use and texting, but distracted driving also includes other activities such as eating, talking to other passengers, or adjusting the radio or climate controls”… “Eight per cent of fatal crashes, 15 per cent of injury crashes, and 14 per cent of all police-reported motor vehicle traffic crashes in 2018 were reported as distraction-affected crashes” in the US.

These behaviours are frequently seen on our roads from drivers, passengers, pedestrians and other road users. As insurers, we are also aware of the negative impacts of irresponsible phone use in vehicles.

But we must also highlight how technology can transform transport and our industry.

Here’s a look at how new integrated technology positively impacts vehicle security:

  1. Cameras in vehicles are very common, as are the need for them as we use the roadways daily. Dashboard cameras provide useful information in the event of a collision. We all have had, or heard of situations, where the people involved in a crash say the other party is at fault. When a vehicle operator has a dash-cam mounted, those differences will be easy to decipher. The footage can be easily transferred to smartphones and shared with the insurance company and its assessors.
  2. Vehicles are huge investments for many and the loss of one could be detrimental for a family or business. Installing a car alarm is also a great idea for owners. The alarms will not only alert you but also your neighbours that there might be nefarious activities afoot.
  3. Installed tracking devices increase the likelihood of vehicles being recovered in the event of a theft. The gamut of systems also allow for GPS location alerts, customisable alerts and vehicle immobilisation.

At General Accident Trinidad and Tobago, policyholders who utilise these technologies in their vehicles have access to a range of discounts that reduce insurance costs.

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