Targa Telematics recognised in Gartner's 2024 Hype Cycle
Targa Telematics has been recognised as a Sample Vendor for the Insurance Telematics 2.0 category in the 2024 edition of the Gartner Hype Cycle for Property and Casualty Insurance report.
The Gartner Hype Cycle report examines the progression, acceptance, and maturity of technologies and trends, providing guidance for Chief Information Officers (CIOs) in the property and casualty insurance sector to make informed investment and strategic choices. The 2024 report identifies Targa Telematics' solutions as critical to this evolving landscape.
Gartner highlights the necessity for insurers to adopt more sophisticated telematics solutions. "As the business model around telematics matures, insurers need more advanced telematics offerings to combine additional data, hosting, and integration to deliver a new range of behaviour- and usage-based products, and support tasks such as claims, fraud, and prevention programmes. Telematics 2.0 does this and supports CX needs, especially around consumer engagement, personalisation, and reward programmes," the report states.
Targa Telematics offers a comprehensive range of insurance market solutions, utilising various data sources, including aftermarket devices, OEM data streams, and mobile-as-a-sensor technology. These advanced digital solutions enable insurance partners to address fraud and streamline claims management. They also facilitate the creation of precise risk profiles through automated accident reconstruction and driving behaviour analysis.
The company's customised insurance solutions, such as the Usage-Based Insurance (UBI) telematics solution 'Targa Drive,' allow for pricing models based on actual driving behaviour, including driving distractions and travel distances. 'Targa Drive' employs a smartphone app to monitor driving conditions, which enables insurers to develop predictive and personalised risk scores.
By focusing on these innovative approaches within the insurance sector, Targa Telematics continues its commitment to assisting insurers in offering more flexible, accurate, and customer-centric policies tailored to meet client needs.
