Auto Insurance Industry and GPS for Tracking Cars

car insurance

Introduction

Today the technology of GPS for tracking cars and other vehicles has become an essential element. With the continuous development of the economy post 2008 worldwide crisis, Global car ownership at the end of 2015 stood at a figure of 1.3 billion and is expected to cross 1.8 billion by 2020. That means a jump of almost 40 percent in just five years. The current revenue level stands at USD 228 billion. The auto insurance industry is set to break through the figure of 1 Trillion USD by 2020. But there are a few hurdles in front of the industry.

Challenges

The Auto InsuranThere are tons of GPS Tracking Devices available in the market with different sets of features. The best one for this scenario is an OBD2 GPS Tracking Device. Every car is equipped with a 16-pin OBD Port for accessing vehicle diagnostics information and engine performance data. An OBD Car Tracking Device fits into this port and not only provides real-time vehicle performance statistics but also offers real-time vehicle location due to GPS functionality.

Features

Insurance Companies require a stable product from a dependable Service provider who has had experience in providing GPS Tracking Solutions. The tracker should have the following features

  • Real-Time Tracking
  • Route and Location History on demand
  • Geo-Fence or Electronic Fence
  • Multi-Alarm System
  • Records Driving Data
  • Integration with a Cloud Platform