Development backgroundAdvancement in telematics technologies has led to major changes in the automobile landscape, such as the creation of a variety of new products and services that utilise automobile driving data. Toyota is bringing Japan's first telematic-driven auto insurance to market. The new system, called the Insurance Information and Management System (IIMS), will be available in Japan by mid-2015. The manufacturer will use data provided by these vehicles to determine premium rates. Premiums will also be able to be divided into "ownership-based" premiums and "usage-based" premiums, allowing drivers who use their cars less to experience reduced insurance costs.
Toyota is bringing Japan's first telematic-driven auto insurance to market. The new system, called the Insurance Information and Management System (IIMS), will be available in Japan by mid-2015. The manufacturer will use data provided by these vehicles to determine premium rates. Premiums will also be able to be divided into "ownership-based" premiums and "usage-based" premiums, allowing drivers who use their cars less to experience reduced insurance costs.