Telefónica, a Spanish broadband and telecommunications provider, has inked a deal with Sparkassen DirektVersicherung to launch the first telematics product for car insurance in Germany.
Claimed to offer significant security services, the telematics product is a M2M solution based on Telefónica’s Insurance Telematics service, and will allow consumers to save money on their car insurance, encourage safer driving as well as protect personal driving data.
Telefónica Digital M2M director Carlos Morales said, "Through partnerships like this we can work together with the insurance industry to help them leverage the significant benefits this technology can bring to their businesses."
Consumers who opt for the service from Sparkassen DirektVersicherung will be provided with a telematics box which will be installed in their car.
The box will automatically notify the emergency services in the event of a major accident, provides feedback to drivers on their driving behavior with potential for lower insurance premiums based on adopting more careful ways of driving.
It also helps in car tracking in the event that the car is stolen.
The service will be available to consumers in Germany from this month with a range of different premiums.