Kevin Link, SVP & GM China, Verizon Telematics, on the evolution of telematics from consumer-centric 1.0 and dealer- and OEM-inclusive 2.0 to Telematics 3.0, and on doing business in China.
In this video from the Consumer Telematics Show 2014, Kevin Link, SVP & GM China, Verizon Telematics, speaks with TU's Robert Gray about the evolution of telematics from consumer-centric 1.0 and dealer- and OEM-inclusive 2.0 to Telematics 3.0, which expands the value chain to include non-traditional players, such as usage-based insurers and advertisers capable of monetizing point of interest (POI) searches by tracking whether a particular search resulted in a transaction.
“You are opening up the business model, who knows,” he says. “You have opportunities per click rate type activity, you have revenue share, you have opportunities where if there’s transactional fees and if I searched for a hotel and then I engaged in a hotel, why am I not the travel agent?”
Moving onto China, Link calls efforts to develop the market “the hardest thing I have ever done in my career.”
“It’s very difficult. And it’s largely because I think like an American, and over there, you have to leave your thought and your schooling at the customs because they do things differently. It’s not that it’s illogical; it’s just different. ... It’s a very regulated environment, so there is a lot of approvals and licenses that are required. They make sense, but you gotta learn all of that. [Also, there is] not as much transparency as we are used to. You may have a seven-step process, but you only know of two. And when you get to three, they’ll tell you about the fourth. …. They are very smart as a country, and they pick up technology very, very quickly. There is very little explanation required, not as creative as, say, the U.S., but they are quick adopters.”
Robert Gray is a regular contributor to Telematics Update.
For all the latest telematics trends, check out Telematics Update Awards 2014 on June 3 in Novi, Michigan, Telematics Detroit 2014 on June 4-5 in Novi, Michigan, Advanced Automotive Safety USA 2014 on July 8-9 in Novi, Michigan, Insurance Telematics USA 2014 on Sept. 3-4 in Chicago, Telematics Japan 2014 in October in Tokyo and Telematics Munich 2014 on Nov. 10-11 in Munich, Germany.
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