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Ensure structural integrity by leveraging IoT in Ready-Mix Concrete

Ensure structural integrity by leveraging IoT in Ready-Mix Concrete

When it comes to meeting the technical specifications for a given construction project, ready mix concrete is the art of choosing the types of ingredients, the right proportions to use them along with the right environmental conditions. To improve the strength, durability, and workability of ready-mix concrete one needs to ensure the quality of concrete during mixing, transporting, placing, and curing stays maintained.

It takes around 28 days for a normal slab of concrete to cure to full strength. But adhering to the “70-in-7” rule in ready-mix concrete, a slab will attain 70% of its maximal strength 7 days after it is poured which is just a rough approximation without considering particular environmental elements such as temperature, humidity and evaporation rate which affects the curating speed.
By leveraging IoT, the conventional construction industry can be revolutionized. IoT-based distributing sensors can be embedded within a slab at various lengths and depths before concrete is poured to gain visibility into concrete’s performance throughout the curing process. Eagle-i ready-mix concrete management solution offers an efficient approach to the ready-mix fleet’s real-time collection of data. It allows you to manage slumps in transit and monitors load data over time with axle load monitoring solution. Alerts are generated when the threshold limit is breached.
The historical data of supply chain monitoring, job scheduling and order management can be sliced and diced to make effective KPIs to improve the bottom line. Besides this, the fleet data from ready-mix producers can be drilled down to specific drivers to improve their driver behavior or can represent a holistic view of your entire fleet. The data can be accessed via cloud from any device at any time.

To optimize the performance of ready-mix concrete to meet specific performance requirements, Eagle-I ready-mix monitoring solution allows you to keep a check on the drum rotation while the vehicle is stationary or in transit. A water flow meter can be used to monitor the water supplied to the concrete. Besides this temperature updates and alerts can also be generated automatically when a predetermined threshold temperature is breached. This real-time data helps contractors optimize critical operations.

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Get better control of your hospital asset lifecycles: from inventory management to records

Get better control of your hospital asset lifecycles: from inventory management to records

Never before has the global healthcare system has been put under such huge strain as during a pandemic. With the quick dwindling of resources, hospitals were fighting for critical medical supplies. In the healthcare industry, stakes are alwayshigher and the ripple effect directly impacts patients’ care, clinicians, and their procedures. But, can weovercomethese unprecedented crises in the healthcare industry with effective asset management and resource utilization? The answer is YES! To improve the quality, safety andefficiency of healthcare sector, Eagle-I has introduced IoT based hospital asset management solutionpivoted onReal-Time Location System (RTLS).

What is hospital asset management?

Hospital asset management consists of four pillars:optimal assettraceability, reliability, availability and performance. It revolves around managing and maintaining a hospital’s machinery, equipment, and physical assets inthe most cost-effective and efficient approach. Eagle-I Hospital Asset Management system offers end to end visibility to the healthcare-specific equipment(such as anaesthesia machine, EKG Machines, hoists, syringe drivers, beds, wheelchairs), physical infrastructures (such as heating, air conditioning, refrigeration, condensers, generators, compressors, and other systems within a building), linens and uniforms.
With the hospital asset management, assets can be classified, maintenance schedule can be developed and performance of the assets can be tracked.Inventory tracking system automate supply chain processes while temperature and humidity monitoring ensure the right storage condition of pharmaceutical products and equipments. Implementing and managing an efficient Periodic Asset Replenishment (PAR) level system can be immensely difficult for a hospital.
The PAR level management can be initiated by monitoring the current flow of equipment. The best approach to accomplish this is to place RTLS exciters in specific zones. RTLS exciters provide room-specificity in which the RTLS platform can accurately track how many tagged assets are accessible per floor and if assets are ready to be cleaned.Employescan later change the PAR level information in the system as needed.
Besides this, Eagle-I provides the graphical location data of medical instrument at the disposalwhich allows healthcare staffto promptly move tools and equipment as and when needed.Meanwhile, the utilization forecasting, identifies the assetswhich areunder-utilized/dormant for a long-timeempowers hospital administrators to make smart purchasing decisions to reduce redundant orders andallowing financial resources to be allocated to high-demand critical equipment.
Eagle-I hospital asset management provides a summary as well as text searches and filtering depending on multiple parameters such as IDs, classification, make/model, owning facility, stay duration, acquisition method, owning department, and Service Request data. It is easier to design procedures, keep track of inventory, shorten search times, prevent bottlenecks, and improve workflows when you have complete insights about where assets have been in the past and how they moved across the facility.

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Fleet Data and Industry Trends in 2022!

Fleet Data and Industry Trends in 2022!

Covid-19 has expedited the digitalization of numerous industries. The fleet industry has also undergone a renaissance over the past two years. Telematics has proved itself now more than a tracking and cost-cutting tool for managers. The data-driven fleet assets have transformed the industry in 2022, requiring data-enabled infrastructure and data ecosystem to redesign the transportation economy to keep the operations well-organized and efficient, thereby keeping the economy going.

Data is the new currency of the 21st century. To outperform the competitors, businesses need to derive useful insights from the gathered data to manage it effectively. Data monetization based on business models is no longer confined to Silicon Valley behemoths. Connected cars which were once a vague promise have now improved safety and efficiency determined fleet sustainability (carbon emission) and regulated compliance.Yet, we are only successful in tapping the tip of the data iceberg!Some of the latest tech trends established themselves as a game changer for fleet operations in 2022, reducing monotonous tasks, and ultimately making life easier for fleet managers:

TSP marketplaces

In 2022, we have seen telematics service providers such as Eagle-IoT expanding marketplaces for third-party fleet applications such as fuel management, route planning, maintenance, video telematics, carbon emission monitoring, thermal mapping and more. These marketplaces provide fleets with access to solutions through a pre-integrated dashboard on their existing telemetry systems, avoiding the need for costly corporate solutions with separate connections. The management access to real-time critical information (a dashboard) and data on vehicles, monotonous tasks can be transformed into the seamless functioning of telematics.

High-speed data towers (5G)

The bandwidth requirements of fleets have mounted. Vehicles that used to generate 10 MB a month with a fleet device on a 2G network can now generate 25 GB of data per hour. Although data needs of connected devices are well managed by 3G and 4G networks, but rapid data transfer switches the decision-making from reactive to predictive, opening the pathways for advanced telematics and predictive maintenance.

ML and AI managing fleet

ML and AI has added value to all aspects of the fleet data. Eagle-I has incorporated these technologies to analyse and score the drivers’ performance and schedule the best routes through route Optimization. With Eagle-I ML-trained models, drivers can be assigned and dispatched to their destinations. Fleet operators can leverage AI to exploit the data gathered, to optimize the fleet’s overall financial and operational performance by maximizing uptime and revenue miles.

Smart fleet management systems such as Eagle-IoT based on ML and AI are more capable of recognizing diagnostics issues than traditional ones. Fleet managers are capable of making better overall judgments when they can access the larger picture of the fleet in one place.

Big Data analytics

Once fleet data was stored in ledgers and hard drives which were then analysed by fleet management companies for decision-making and to set metrics for fleet customers. However, with the growth of telematics, fleet operators can now gather larger data sets and parse them by region, driver, fuel type, mileage, and vehicle class. Without data mining and data analysing platforms such as Eagle-IoT, the achievements of monitoring the live location of vehicles, planning optimized routes, providing online traffic and weather condition assistance to drivers, and supporting telematics-related industries (such as auto insurance) could be next to impossible. Data without analysis and reporting is meaningless. To discover the worth of data, one needs to have access to platforms such as Eagle-IoT, capable of data mining and data analysing.
Whether you’re looking to retrofit your existing vehicles with a telematics solution, or simply want to know more about how telematics can improve fleet management, contact Eagle-IoT for a free consultation. We’re here to help you.

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IoT developments to Improve Sustainability and Reduce Carbon Emissions in the Automotive Industry

IoT developments to Improve Sustainability and Reduce Carbon Emissions in the Automotive Industry

Do you know that the transportation industry accounts for one-fifth of global carbon dioxide emissions, while road vehicles account for 74.5% of global transportation emissions? Sustainability is an increasing priority for nearly every industry — and it is no coincidence that IoT technologies can be incorporated to increase vehicle economy and lessen their environmental effect. The trend toward increased environmental sustainability provides an opportunity for businesses to explore beyond standard climate management. Combining IoT and sustainability has many faces. For the last 10 years, IoT solutions have been widely available and firmly established themselves in the automobile industry. By 2025, it is expected that there will be more than 163 million active IoT connections in automobiles.

Driver behavior

One of the faces of achieving sustainability by implementing IoT is by monitoring driver behavior. Eagle IoT sensors track location of a vehicle besides monitoring driver behavior on the road, providing long-term insights as well as instant alerts that allow managers to solve issues and improve routes, reducing gas usage and idling time.

Keeping an eye on the details is critical to enhance fleet management sustainability initiatives. Eagle-IoT Driving behavior analysis solution was designed to monitor how your vehicles are being driven and help drivers to improve their driving behavior. Harsh cornering, harsh acceleration-and over speeding generates instant alerts in Eagle- IoT driver behavior monitoring systems. These alerts are issued on the web portal, emails, and push notifications to inform managers.

By avoiding aggressive driving such as harsh accelerations and braking, idling and overspeeding, drivers will be safer and your fleet fuel consumption will be reduced, resulting in a reduced fleet’s carbon footprint and better fleet sustainability.

Predictive Maintenance

CanBus data loggers can be installed in vehicles for logging information. It can be a valuable tool for troubleshooting and remote diagnosis. It tracks the condition of components and systems of vehicles, providing insight that allows fleet managers to predict and prevent mechanical problems, allowing them to maintain vehicles in a proactive manner.

Eagle-IoT can bus data allow drivers and fleet owners to access diagnostic information via a mobile app or a web portal, where they can get alerts and analyze information to arrange a service. This not only reduces downtime but also keeps cars’ operation smooth and efficient by reducing fuel consumption by up to 10% which in turn reduces carbon emissions, besides being cost-effective

Route planning and optimization

Another valuable tool for fleet managers is the Eagle-IoT route planning and optimization solution. By carefully planning routes, you can not only optimize route execution and notice a reduction in overall mileage, but also a reduction in your fleet’s fuel expenses and carbon emissions.

It’s crucial to note that most emissions happen when you start a cold engine. Driving is more environmentally friendly when multiple short trips are combined into one. Since a catalytic converter must be heated to a specific temperature in order to function properly and generate fewer emissions.

Besides Eagle-IoT several solutions to aid sustainability efforts in the automotive sector. Eagle-IoT has good news for you! Now you can also measure what your fleet’s carbon footprint and contribute to net zero emission by reducing it.

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How to prevent downtime of heavy construction machinery?

How to prevent downtime of heavy construction machinery?

“An ounce of prevention is worth a pound of cure.”

Operating and managing heavy construction machinery is a significant task. Your assets are nothing to bet on. To keep your heavy equipment working for a long time performing regular maintenance is of utmost importance.

It might be as formal as the practice of performing regular servicing as required by the machine’s maker throughout its life. It might even be as basic as doing a daily walkaround of the machine at the start and end of each day to identify any possible concerns that could inhibit safe and efficient operation.

Regardless of how powerful and dependable machinery you have, it requires routine maintenance to ensure that it continues to offer the same remarkable service life and exceptional productivity.

Preventive maintenance is a routine/scheduled maintenance performed to avoid unwanted, unscheduled downtime and to keep your machine operating properly. No matter what type of preventive maintenance program you are performing, the goal is to improve safety and decrease downtime

Types of Preventative Maintenance

Some of the types of preventive maintenance are described below:

Scheduled maintenance

The scheduled maintenance is a calendar-based maintenance that occurs at repeating intervals or in response to a work request. It can include things on the “daily” or “weekly” basis. While some of the manufacturers recommend it on an hours-based approach. For instance, tire pressure, air filter checking, fluid level checks, water-in-fuel bowl drain, joint greasing. 

Usage-based preventive maintenance

This maintenance is usually based on the instructions in the operator’s manual of the machine. It can include oil sampling from critical components like the engine, transmissions and hydraulic systems.  

Predictive maintenance

Predictive maintenance analyzes data from IoT sensors embedded in your fleet to decide which components should be changed before they break down or cause an accident. AI based predictive maintenance search for data trends that suggest fault codes for specific components, or they can create more accurate forecasts of a component’s lifespan based on environmental conditions and usage. When specified failure signals or component aging requirements are encountered, the components can be replaced during planned maintenance windows.

Eagle-I provides right tools, techniques and expertise to empower you to keep your fleet running. It provides you full-spectrum approach to managing your heavy construction fleet by using OBD data of your fleet and informing you timely of engine faults by providing you the diagnostic data in a dashboard. Eagle-I uses the data to make accurate recommendations for maintenance, inspections and repairs that reduce operating costs and increase lifecycle performance.
Being proactive in your heavy equipment maintenance schedule helps prevent expensive downtime

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Everything you need to know about Hazmat trucking  

EVERYTHING YOU NEED TO KNOW ABOUT HAZMAT TRUCKING

Hazmat trucking is the transportation of hazardous materials, which includes hazardous gases, chemicals, or poisons to the trash and radioactive materials. Hazmat trucking can be identified into nine groups

Group 1: Explosives

This category can be further classified into six groups based on the type of explosion involved including dynamite, gun powder, and pyrotechnics. They are classified depending upon their level of sensitivity, mass explosions, projections, or fire hazards present.

Group 2: Gases 

This is further classified into three group

  • Combustible gases: Gasses that are volatile when they are mixed with air or oxygen in the right proportions. These gases include Propane, Hydrogen, Butane, Methane, Ethylene, Acetylene, Ammonia, Ethane and Silane 
  • Non-Combustible/Non-Toxic gases: Gases that are neither volatile, nor toxic upon inhalation. This can include Carbon dioxide, Helium, Nitrogen, Nitrous Oxide, Xenon and Oxygen. 
  • Toxic gases: When ingested, inhaled, or absorbed by the skin or eyes, they are capable of causing damage to living tissues, impairment of the central nervous system, severe illness or, in extreme cases, death. They can also trigger the biological chemical breakdown of nearby material. Carbon monoxide, nitrogen dioxide, and phosphorus are three of the most well-known hazardous gases. 

Group 3: Flammable Liquids 

These are volatile liquids exposed at a temperature of 140 degrees or less that may ignite. It includes gasoline, ethanol, and a variety of paints and solvents. 

Group 4: Flammable Solids

It includes spontaneously combustible substances or a solid material that is harmful when wet 

Group 5: Oxidizing Substances/Organic Peroxides 

Oxidizers are substances that can contribute to the ignition of other materials. It includes Hydrogen Peroxide and Silver Nitrate while organic peroxides include an oxidizer and an organic fuel. 

Group 6: Toxic and Infectious Substances 

They can be further divided into two categories. The first category consists of toxic or poisonous material presumed toxic to humans while the second category comprises of infectious substances. 

Group 7: Radioactive Substances 

This group includes the transportation of Uranium or plutonium. Besides this radioactive materials such as X-ray equipment are also included. 

Group 8: Corrosive Materials 

Materials that can erode away at skin or even other materials because of their acidic or basic values. It can include battery acid or degreasers. 

Group 9: Misc Hazardous Materials 

Misc hazardous materials include any other material that poses a danger when driving. Since these materials cannot be categorized in the preceding categories, hence placed in group 9. 

When you are the driver of hazmat trucking, driving safely is the foremost priority. Drivers hauling a hazmat load have the added stress of ensuring they are following the additional regulations for this type of cargo. 

Hazmat regulations for trucking 

Fleet managers dealing with any of the above-mentioned groups must be well-versed in risk management. Since their ignorance will not only hinder the hauling business but the material might endanger humans, animals, or the environment. Recently a new regulation has been issued for transporters of petroleum products and hazardous materials to have an online electronic permit issued by Naqal to ensure the safety and quality of goods. The permit will be used as evidence that the material at the time of delivery to the consignee is in the same condition as described in the document by the transporter. It will secure the rights and responsibilities of the parties involved in the transportation process 

For your fleet running on the road, vehicles must be connected with Wasl portal where operation cards are issued for vehicles. However, it can only be made possible when public or private transport have load sensors installed in their vehicles from tracking companies licensed by Transport General Authority such as Digital Myths Solution. 

Hazmat truck drivers and Eagle-I 

Whether your fleet is hauling oil and gas or hazardous material, real-time monitoring provides you the direct control of your fleet while they are En-route and warn consumers if there are any delays. Fleet managers can make informed decisions consequently improving customer service with better response time and increased productivity. Eagle-I facilitates best practices for hazardous hauling. Eagle-I driver behavior allows you to choose the driver capable of hauling such load. Besides this, with Eagle-I hazmat trucking, unauthorized use of the fleet can be avoided, optimize routes can be planned and smarter business decisions can be made empowering you with the right tools to manage hazmat trucking worthwhile. 

Eagle-i is proficient and seasoned at following hazmat compliance.  

Group 4: Flammable Solids

It includes spontaneously combustible substances or a solid material that is harmful when wet 

Group 5: Oxidizing Substances/Organic Peroxides 

Oxidizers are substances that can contribute to the ignition of other materials. It includes Hydrogen Peroxide and Silver Nitrate while organic peroxides include an oxidizer and an organic fuel. 

Group 6: Toxic and Infectious Substances 

They can be further divided into two categories. The first category consists of toxic or poisonous material presumed toxic to humans while the second category comprises of infectious substances. 

Group 7: Radioactive Substances 

This group includes the transportation of Uranium or plutonium. Besides this radioactive materials such as X-ray equipment are also included. 

Group 8: Corrosive Materials 

Materials that can erode away at skin or even other materials because of their acidic or basic values. It can include battery acid or degreasers. 

Group 9: Misc Hazardous Materials 

Misc hazardous materials include any other material that poses a danger when driving. Since these materials cannot be categorized in the preceding categories, hence placed in group 9. 

When you are the driver of hazmat trucking, driving safely is the foremost priority. Drivers hauling a hazmat load have the added stress of ensuring they are following the additional regulations for this type of cargo. 

Hazmat regulations for trucking 

Fleet managers dealing with any of the above-mentioned groups must be well-versed in risk management. Since their ignorance will not only hinder the hauling business but the material might endanger humans, animals, or the environment. Recently a new regulation has been issued for transporters of petroleum products and hazardous materials to have an online electronic permit issued by Naqal to ensure the safety and quality of goods. The permit will be used as evidence that the material at the time of delivery to the consignee is in the same condition as described in the document by the transporter. It will secure the rights and responsibilities of the parties involved in the transportation process 

For your fleet running on the road, vehicles must be connected with Wasl portal where operation cards are issued for vehicles. However, it can only be made possible when public or private transport have load sensors installed in their vehicles from tracking companies licensed by Transport General Authority such as Digital Myths Solution. 

Hazmat truck drivers and Eagle-I 

Whether your fleet is hauling oil and gas or hazardous material, real-time monitoring provides you the direct control of your fleet while they are En-route and warn consumers if there are any delays. Fleet managers can make informed decisions consequently improving customer service with better response time and increased productivity. Eagle-I facilitates best practices for hazardous hauling. Eagle-I driver behavior allows you to choose the driver capable of hauling such load. Besides this, with Eagle-I hazmat trucking, unauthorized use of the fleet can be avoided, optimize routes can be planned and smarter business decisions can be made empowering you with the right tools to manage hazmat trucking worthwhile. 

Eagle-i is proficient and seasoned at following hazmat compliance.  

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Mercedes-Benz Vans will now allow driver behavior monitoring on all new Sprinter and Vito Tourer

Mercedes-Benz Vans will now allow driver behavior monitoring on all new Sprinter and Vito Tourer

Mercedes-Benz Vans announced to provide its Mercedes PRO, a connected vehicle service that will allow monitoring driver behavior on all-new Sprinter and Vito Tourer as a standard model for three years. This service will be available to all the vehicles manufactured since May 2019, besides this, it can be also be remotely retrofitted to any existing new Sprinter by the customer using “over-the-air” software updates.
This development was impacted by recent research conducted by Mercedes-Benz Vans into connected vehicle trends. The research indicated the fleets are rapidly using telematics solution to monitor the driver behavior. Nearly two-thirds (64%) of fleet and SME customers surveyed, claimed that they want to use telematics or connected vehicle technology for this purpose. Mercedes-Benz Vans is offering the solution free-of-charge to enhance the safety and efficiency so fleets can analyze their driver behavior and identify areas where improvement is needed.
The solution will include acceleration behavior analysis, anticipatory driving behavior, coasting and smooth driving analysis along with the safety-critical data, such as harsh cornering and braking warnings According to the managing director of Mercedes-Benz Vans UK Ltd, Steve Bridge, “Keeping their businesses moving is our priority, and with our new drive style monitoring solution software included as standard, company owners and vehicle managers can spend less time worrying about the vans and drivers, and more time, therefore, focused on their business and customers.”

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Choose wisely: How AVL vs IVMS impacts your fleet?

Choose wisely: How AVL vs IVMS impacts your fleet?

When you are in the fleet industry, you often come across numerous fleet solutions based on different technologies. The fleet solutions are either using automatic vehicle location (AVL) system or In-Vehicle Monitoring Systems (IVMS) as a tool in their fleet management solution. But do you understand what is core difference between them?

Automatic vehicle location (AVL)

Automatic vehicle location (AVL) is a technology which combines a vehicle’s on-board diagnostics data with satellite-based GPS data to provide the exact location of an asset. The most widespread use of AVL systems is vehicle tracking, which is frequently provided by a GPS-based or cellular-based system. Vehicle movement, speed, and direction can be monitored using GPS via both terrestrial and satellite navigation methods. Although satellite communication is expensive, it may be highly useful in determining the precise location during an emergency. Automatic vehicle location (AVL) is also known as GPS system

  • Real-time tracking of assets
  • Plan optimal routes for each asset.
  • Mileage, engine hours.
  • Idle time status
  • Scheduling maintenance of vehicles to avoid breakdown.
 

Pay as you drive insurance focuses on the monitoring of precise mileage driven and calculating premium based on that mileage. This model is based on the assumption that the less time a driver spends on the road, the less likely it is for an accident to occur. Insurers verify time, mileage, and location by using telematics to ensure the transparency of purchased protection and combat mileage reporting fraud.

IVMS

In-Vehicle Monitoring System (IVMS) is a GPS-based system with the integration of advanced telematics devices on vehicles to enhance the safety of assets and the workforce. All GPS systems are not IVMS systems. In-Vehicle Monitoring System IVMS is GPS plus with following add-on features.

  • Real-time tracking of vehicle location
  • Over Speed detection
  • Distance travelled
  • Idling Hour Status
  • Route optimization
  • Seat belts, doors and other vehicle control status
  • Identify the misplaced or wrongly deployed assets by assigning geofence
  • CAN bus, error codes detection
  • Detect harsh driving (harsh braking, harsh acceleration, harsh turning)
  • Driver Identification
  • Preventive maintenance of vehicles to avoid breakdown.
  • Driver behaviour Monitoring
  • Scheduled Reports to improve your fleet management
  • Hours of Service Control (HoS) of your drivers in compliance with established regulations

A comprehensive In-Vehicle Monitoring System offers useful insight data for fleets to develop key performance indicators (KPI) for comparison and help them in identifying negative or positive trends in their fleet.

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Australia raised $10.8 million by planning a network of nanosatellites for IoT applications.

Australia raised $10.8 million by planning a network of nanosatellites for IoT applications.

Fleet space technologies located in Adelaide, capital of Southern Australia, recently raised $10.8 million by planning a network of nanosatellites for IoT applications. It is reported the company has several global investors including Horizon Ventures, Momenta Ventures, Grok Ventures, existing investor Blackbird Ventures and the Kennard family, whose equipment hire company Kennards Hire, is already a fleet customer.

It says the latest funding round introduces “strategic investors specifically chosen by Fleet to help develop its solutions to become even more powerful and deploy it (sic) with the right network and technology partners.”

Fleet provides IoT connectivity via its satellites and a ground-based hub with edge computing capabilities that communicates with IoT endpoints using LoRaWAN.
According to Fleet the contribution from Momenta Ventures is the first from its LPWAN Ecosystem Fund, billed as “the only Internet of Things-focused fund, established to accelerate industry solutions powered by low power wide area networks with a focus on open standards and ecosystems such as LoRaWAN.”

The Momenta web site says Momenta is investing in LPWAN because the global LPWAN market is forecast to grow to $US24b in 2021, a CAGR of 90 percent and because “LoRaWAN is the de facto standard complementing emerging 5G offerings.”
The web site also shows one other investment by the LPWAN fund, in Kolmostar, billed as a positioning technology company that is reinventing the industry’s GNSS (GPS, Beidou, etc) positioning approach to achieve ultra-low-power (sub-mW) and high-precision (centimetre level) positioning in harsh metropolitan environments for Internet-of-Things devices and autonomous vehicles.”

Up till date the Fleet space technologies has successfully deployed its first four nanosatellites by using SpaceX, Rocket Lab, and Indian Space Research Organization satellites. The first commercial satellite of Fleet space technologies was named Centauri I, which was launched by ISRO and Centauri II by Space X in December 2016. Other two experimental satellites, Proxima I & II were launched a month earlier by Rocket Labs. According to the Fleet, they are now building the next generation of satellites for launch in the coming year.

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A new customized approach to insurance: telematics-based insurance

A new customized approach to insurance: telematics-based insurance

The ecosystem of connected car technology has cultivated another growing trend of telematics-based insurance, which promises to create a boom for the automotive insurance industry. In our previous articles, we have already explained what is telematics-based insurance or usage-based insurance or pay as you drive. These terms define the tailored insurance program depending on an individual’s driving pattern providing the financial incentive for driving safely. Generally, telematics-based insurance products are categorized into two models: pay how you drive (PHYD) insurance and pay as you drive (PAYD) insurance.

Pay how you drive insurance

Pay how you drive insurance focuses on the driving behavior/pattern of an individual to assess the possible risk and calculate the annual premium. Insurers monitor driving behavior and adjust premiums based on observed risky behaviors. This program is designed specifically for low-risk drivers providing them better premium discount rates.

Pay as you drive insurance

Pay as you drive insurance focuses on the monitoring of precise mileage driven and calculating premium based on that mileage. This model is based on the assumption that the less time a driver spends on the road, the less likely it is for an accident to occur. Insurers verify time, mileage, and location by using telematics to ensure the transparency of purchased protection and combat mileage reporting fraud.

According to the survey conducted by a private insurance firm, today the number of telematics-based car insurance products are more precedent than ever before. As per the survey, in the last three years, the number of these products have been doubled which suggests that the old trend of targeting the young drivers have been changed and low mileage drivers are also targeted now.

Most of the insurance policies allow access to an online dashboard which can help the driver in reviewing their driving pattern and improve it. Moreover, some of the telematics-based insurance also provides you the insight of theft assets and accident alert systems.

What are the data elements in telematics?

Have you wondered what are those elements that are monitored in telematics-based insurance but not in traditional one, we have mentioned some of the elements in the list below

Traditional insurance Telematics based insurance

  • Insurance credit score Fast lane change
  • Age Miles drove
  • Gender Harsh acceleration
  • Marital status Harsh braking
  • Use of the auto Harsh cornering
  • Territorial information Airbag deployment
  • Past driving records When the vehicle is driven
  • Driver education Weather condition
  • Traffic condition

With the right kind of feedback and coaching, demand for telematics will continue to accelerate as added safety and lower premium costs offer tangible proof of its benefits.

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