Telematics have already pushed the insurance industry into the modern age in so many different ways. Whether they’re used to monitor driving habits so insurance companies can offer the correct premiums or to track fleets, telematics have been used to develop trust and honesty between customers and insurance companies.

But the full potential of telematics technology has yet to be achieved. They’re already being put to work in other fields such as GPS systems, healthcare, security and even kitchen appliances, so how might we see telematics change insurance over the next 10 years?

Your home, quantified
For years, the only sensors available for a home were smoke detectors, burglary alarm and carbon monoxide sensors. A recent leap in technology has meant that many homes now have sensors that can detect flooding.
Extrapolating this technology could mean we’ll soon have sensors to detect weakening or burst pipes, damp and mould and even issues such as pests! Telematics could even be used to provide an evaluation of a property for a home insurer so they can offer the best deal, much in the same way that some car insurance firms can give you an offer based on your license plate.

Instant Claims
There are already examples of telematics being used to instantly process claims, for example, when a flight is cancelled, an insurance company will instantly process a claim without requiring any information from the client.
Telematics could be used to process information on a car crash, assign the blame and pursue or decline a claim based on the information. Depending on the severity of the crash, it could even be possible for a replacement car to instantly be processed and sent to the claimants’ home!

Health
Currently seen as a bit of a fad for the iPhone generation, many smart phones and smart watches use telematics to monitor heart rate and blood pressure, mostly for the purpose of exercise. 
Within 10 years we could see technology that is capable of monitoring blood pressure, is able to administer medication such as insulin and can monitor your molecular activity for early signs of medical issues.
It’ll put an end to fake sick days and fraudulent medical claims!


Status monitoring
A fairly new usage of the technology is its application as a milk monitor! Some fridges can now monitor your levels of milk and send you alerts telling you that you need to stock up.
This type of telematics could be used to monitor the status of various aspects of your home and car, automatically installing updates to fix any potentially damaging bugs or viruses, everting the need for expensive claims further down the line.
All insurance under on price

In the future, we might see motor, home, travel, life and health insurance all coming under one insurance policy – thanks to telematics.
The technology will monitor your exercise habits, food and drink choices, driving habits, hobbies and the area you live in to offer a comprehensive insurance quote which covers every aspect of your life.

Telematics are already a bigger part of everyday life then you may have realised, and now they are set to revolutionise the business!