Inspiring innovation with driving behavior data
From the COVID-19 pandemic to the Great Resignation, external events continue to impact drivers’ time on the road. Keep up with these shifts by using behavior based data to track these changes. With an accurate understanding of new behaviors, you’ll have a blueprint for innovation.
Driving data helps you identify opportunities for innovation by monitoring behavioral trends and highlighting opportunities for manufacturers, insurers, and marketers. By gaining a deeper understanding of your customers, you can strategically improve a wide array of products and processes.
Car manufacturers: Forecast consumer needs
In the era of virtual work, 50% of pre-pandemic commuters no longer commute to work or commute less often. Arity data shows that many drivers travel in close proximity to their homes as a result of this shift.
To respond to these changes, car manufacturers can tailor their products based on a newfound understanding of how their customers move. For example, electric vehicles, which are typically better equipped for shorter traveling distances, may be more suitable for today’s drivers.
Car manufacturers can also benefit from data on:
- Total miles driven
- Car life expectancies
- Aggressive driving behaviors
Auto Insurers: Price accurately and encourage safe driving with behavior-based insurance
While other insurers may not know who their most profitable drivers are until those drivers already have policies in place, a pricing strategy supported by driving behavior data can help you identify and competitively price more profitable drivers upfront, at the time of quote. This ability not only improves your speed to an accurate quote but can help you price more accurately, improve your speed to bind, and avoid costly losses.
When you acquire safe drivers by successfully implementing telematics in your book of business, you encourage ongoing safe driving by informing them about their driving habits and incentivizing them with better prices. A well-informed pricing strategy encourages safe driving because drivers will draw a direct connection between their rates and their actual driving behavior.
Marketers: Use driver behavior in your targeting strategies
Mobility technology enables targeted marketing and adds value throughout the customer lifecycle. How? Mobility data provides contextual and accurate data on where, when, and how your ideal audience drives. For example, retailers can understand when customers are most likely to visit their store, then time advertising to when they’re most likely to stop in. This data adds a new dimension to your targeting strategy, increasing campaign efficiency and enabling you to target the drivers that are most profitable for your business.
Ultimately, behavioral data informs relevant messaging based on each customer’s movement and driving experiences, boosting your marketing ROI. You can inform experiences that customers care about by leveraging actual driving data across channels.
When you understand the road, it’s easier to stay ahead of the curve. At Arity we offer insights based on actual driving behavior, empowering businesses across industries to make more informed decisions.
Take a deeper dive into the possibilities of driving behavior data by watching our webinar, “The Future Of Mobility: Data Driving Innovation.”