“By getting access to an incredible amount of [vehicle] data, including very accurate crash detection data with Bosch, we should be able to save lives and make the insurance claims process more effective,” said Mojio Chief Executive Officer Kenny Hawk

The Japanese automaker said it aims to install its TransLog driving recorder devices into Grab’s fleet of lease cars to access the data on driving patterns that will be crucial to its push into the nascent mobility-as-a-service industry

The report also says that insurance providers could do a lot more to improve their existing processes (from start to finish) to make them more efficient and customer centric. Nearly half (46%) of consumers believe that applying for an insurance policy should take no longer than an hour, and 56% said renewing an insurance policy should not take no more than an hour either.

SmartFactory as a Service will shorten new products’ time to market by up to 30 per cent thus significantly improving one of the most decisive competitive factors for manufacturers. Teamwork in the partnership and the combination of complementary expertise is essential in achieving this.