Inspiring innovation with driving behavior data
Key takeaways
Driving behavior data enables innovation across industries.
Mobility data helps organizations understand shifting driving habits and use those insights to improve products, services, and strategic decisions.
Car manufacturers can tailor products based on real-world driving trends.
Manufacturers can optimize vehicle design and plan based on insights like miles driven, vehicle life expectancy, and aggressive driving patterns.
Insurers can price more accurately through behavior-based data.
Usage-based insurance informed by telematics allows insurers to identify safer, more profitable drivers at the quote stage, speed up underwriting, reduce losses, and incentivize safe driving by directly linking behavior to pricing.
Marketers gain improved targeting capabilities with mobility insights.
Driving behavior data reveals when, where, and how consumers travel, letting marketers time promotions effectively and reach high‑value audiences based on movement patterns and visit likelihood.
Introduction
From the COVID-19 pandemic to hybrid work arrangements to fluctuations in driving due to fuel costs, mobility trends continue to shift. Keep up with these shifts by using behavior-based data to track them. With an accurate understanding of new behaviors, you’ll have a blueprint for innovation.
Driving data, or mobility 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 usage-based insurance
While other auto 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.
Why Arity?
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.