SK Telecom, Meritz sign deal on IOT technology for carsMobile carrier SK Telecom and Meritz Fire & Marine Insurance signed a memorandum of understanding Friday to jointly apply Internet of Things (IoT) technology to car insurance programs.
The technology will be applied to Meritz’s extended warranty programs that provide compensation to car owners for repairs that occur after their standard warranty has expired.
Meritz will first install an on-board diagnostics device in the vehicles. SK Telecom will collect and analyze data on the car’s condition for Meritz using its exclusive network for IoT devices.
This system will enable the insurance company to provide information to drivers on when its components should be exchanged or repaired, as well as predicting breakdowns.
SK Telecom and Meritz plan to collaborate on marketing and product development as well.