According to a recent report by Counterpoint Internet of Things (IoT) Tracker the connected car market is expected to growby 270 percent by 2022. If these figures are accurate this would mean more than 125 million cars with built-in connectivity and telematics being on the road in the next couple of years.
The report also predicted that the larger European economies, including Germany, France, and the UK, are expected to hit nearly 100 percent connected car penetration in the next few years.
With the launch of 5G networks both in the UK and globally vehicle manufacturers will be able to access even more data seamlessly from connected cars. Current connected vehicles are still at 4G level but 5G is expected to be installed in 90% of connected cars as soon as 2022.
Cars are becoming data points and are beginning to offer very valuable and detailed insights into how they are being driven, what journeys they are being used for and how we interact with our vehicles. These insights are set to not only change the way we choose our vehicles but also how vehicle manufacturers will interact with their customers.
All car makers will need to adapt their services to include connected car technology as consumers begin to demand more value, better customer services and additional offerings when they buy new vehicles.
At Verex we are the market leader in managing and utilising the latest innovations in connected data and technology. This allows us to continually transform our offering to vehicle manufacturers including our cutting-edge insurance and accident management solutions.
These tech-based connected services, and the data that is produced, is set to completely change the automotive industry over the next few years, both among car makers and their technology partners. As cars get smarter, we continue to innovate our services to maximise our data solutions to our clients.
Verex Group is the market leader in the Vehicle Manufacturer Insurance and Accident Management sector. Alongside our network of partners, we utilise the latest innovations in connected data and technology to continually transform our business to achieve our future goals.
Our new range of services will allow vehicle manufacturers to offer a personalised service to their customers. Services will include; Usage Based Insurance (UBI) and Pay As You Drive (PAYD), plus “E-FNOL” (First Notification Of Loss) capture can be fully deployed. These propositions will deliver a more customer service orientated experience, a streamlined approach to accident management and the claims process and create added value into the branded network whilst helping to automate and control claims for insurers and increase parts and repair referrals to vehicle manufacturers.