Why can’t the auto insurance industry live without GPS trackers?

Why can’t the auto insurance industry live without GPS trackers?


Bangladesh market is expected to increase 30k orders this year for JM-VG01U series products, which are mainly used in the auto insurance industry. In this article, the author will provide a list of factors that affect GPS trackers in the insurance industry.


1.GPS trackers can monitor drivers’ driving behavior and reduce accidents


Approximately 11% of the total number of traffic deaths worldwide occur in India. Every year, more than 150,000 people die in traffic accidents in India, and about 400 people die in car accidents every day. Speeding and drunk driving are the two most common causes of road traffic deaths in India, accounting for 64% of all road deaths. Drivers are responsible for most of these accidents by practicing improper driving behaviors, which can be monitored and improved to reduce accidents and insurance costs. Statistically, GPS vehicle tracking significantly reduces the number of accidents for drivers who are insured.

The JM-VG01U is equipped with a 6-axis accelerometer and gyroscope that detects the acceleration and angular velocity of the vehicle. The system uses driver behavior analysis to detect and analyze the behavior of the driver. An insurance company can receive vehicle data and alerts when any of the eight risky driving behaviors are detected.

2.GPS trackers can enhance anti-theft performance and reduce insurance costs


The number of vehicles stolen in India each year is estimated to be approximately 100,000, and this number will only increase as the economy grows and car ownership increases.

In addition to providing continuous tracking even in areas with poor or no GPS signal, the JM-VG01U also calculates mileage based on an algorithm that is unique, resulting in a mileage error of less than 2%. Moreover, remote cut-offs (fuel/power) hinder the ability to start or drive the vehicle appropriately, thereby minimizing the chances of theft. It will be difficult for the insurance company to pay a large claim if the vehicle is never recovered, which is why many companies offer discounts on anti-theft devices and improve the abilities of companies to reduce theft and recover stolen vehicles to reduce insurance costs.

3.GPS trackers can protect fleet vehicles from misuse, reducing the chances of accidents and lowering insurance costs

It is possible to prevent employees from using fleet vehicles for personal use to some extent by using GPS trackers. Employees who use public vehicles for private use are liable for damages if there is an accident, primarily because driving itself is a risky activity. The JM-VG01U is an advanced vehicle tracking system that can locate the vehicle accurately, ensure the safety of the driver, and protect the insurance company’s interests.

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