Although there is no unanimity yet on usage-based insurance (UBI), there is an industry-wide sense of urgency.
Even insurers who are not known for their expedience are rolling out UBI products and turning small pilots into full-scale projects, as no one wants to be the last insurer in, as that would mean being left fishing a pool of some very bad drivers.
Our brand-new Insurance Telematics Report 2014 provides a broad overview of the events and changes that brought us to this point and what we are likely to see in 2014 and beyond.
Drawing on in-depth interviews with more than 30 insurance industry executives in both North America and Europe, Telematics Update’s regular coverage of the industry and two proprietary surveys, the report illustrates how these events and changes influenced the thinking of insurance industry executives when it comes to business models and the potential benefits of UBI for both insurers and the insured.
It shows how maturing telematics technologies and advances in portable devices are driving the evolution of UBI from the mileage-based Pay As You Drive (PAYD) model to the highly interventionist Manage How You Drive (MHYD) model. And it highlights the fact that it is no longer just traditional insurers who are emerging with UBI products.
Compared with last year’s report, the fully updated Insurance Telematics Report 2014 introduces a number of new or expanded themes.
It pays a great deal more attention to the many new entrants to UBI and what new roles they are carving out for themselves. It features expanded sections on consumer engagement, with new chapters on gamification and social media. Finally, it deepens last year’s insights into established UBI markets and provides new information on up-and-coming markets. Canada features particularly prominently this year.
Download a complimentary extract here: http://www.telematicsupdate.com/insurance-report/download-report-extract.php.
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About Telematics Update:
Telematics Update is the reference point for automotive telematics, mobile and web industries. By providing industry-focused news, events and reports, it aims to enable dialogue throughout the industry and drive telematics forward. For more information about Telematics Update, please visit http://analysis.telematicsupdate.com.