Sharing crash data is the future for telematics

Motor insurers will in the future have to become more flexible with sharing accident data with analytics companies if they are to improve risk models according to a data firm who have been involved in such an arrangement. Axon Telematics have been working for around a year with MCL Insurance, who target policies for young motorists in Northern Ireland, through what they describe as a "revolutionary" partnership that sees the insurer use data compiled by Axon through black-box analytics and also send back accident information to the data firm as they get it. New Axon CEO Domenico Mariconda says the free passage of information in both directions between insurer and telematics company allows Axon to validate the crashes that have been recorded. More importantly it also provides data to Axon that is going to have an immediate impact on risk profiling and pricing, and get feedback on that data. Mariconda said: "It's really revolutionary because we are probably the only data analytics provider that can have that insight. What that does is feed into a machine learning platform that then refines the model, refines the data that we generate and makes it more effective from an insurance perspective. There is no provider with that setup nowadays."