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Telematics Update: The great battle of UBI: are OEM’s taking the lead?

As the great battle over UBI devices continues, embedded OEM solutions are expected to take the lead in a two to five year timeframe, overtaking smartphones (Telematics Update survey).

This will be a game changer for the insurance ecosystem, and as with every new business model and technology, industry players must have a concrete vision of how the model works and how best to exploit it.

 

Telematics Update’s Insurance Telematics Report 2014 has revealed that 59.6% of senior insurance and telematics execs believe that auto OEM factory-installed hardware solutions are expected to take the lead in a two to five year timeframe, overtaking smartphones

During research for the Insurance Telematics Report 2014 Edition, Telematics Update conducted an industry wide survey of 300+ senior-level insurance and telematics execs, interviewed 30+ industry pioneers to get their expert insight on which changes have 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.

Simon Ralph, CEO at Telematicus has reviewed this newly release report: ”The 2014 Insurance Telematics Report provides good insight into the evolving world of insurance telematics, taking the discussion beyond the relative merits of telematics devices & technology to the different insurance propositions and the importance of data analytics”

You can download your complimentary extract on the website: http://www.telematicsupdate.com/insurance-report/download-report-extract.php

Telematics Update’s brand new 80+ page reportfor 2014 gives insurers and telematics companies a solid overview of the milestones that helped shape UBI in 2013 and discusses what to expect from 2014 and beyond.. Detailed analysis includes the following topics:

  • Understand UBI and how it can change your business: Learn about the benefits of Pay As You Drive (PAYD), Pay How You Drive (PHYD) and Manage How You Drive (MHYD), accurate pricing, UBI-enabled claims handling and value-added services to enhance customer experience and stay ahead of competition.
  • Understand key market drivers and barriers : Learn about market specifics in North America and Europe. Understand the main drivers of UBI adoption and barriers to entry. Understand how maturing telematics technologies and advances in portable devices are driving the evolution of UBI from PAYD to MHYD.
  • Understand paradigm shifts: Understand the paradigm shift from a race to the bottom on price – using discounts for low-mileage clients and good drivers – to value-added services. Understand UBI as a high-touch business in which customer engagement is considered essential to success.
  • Design a winning UBI strategy: Learn how to refine sales strategies to overcome common misconceptions about UBI, keeping in mind that, because UBI involves both a new product and new technology, successful consumer engagement is a vital – perhaps the most important – element in product design.
  • Pick a hardware solution to best fit your strategy:  Get an in-depth look at smartphone and OBD2 dongle-based programs, and understand the role of professionally installed black boxes, hybrid systems and embedded OEM solutions.

In addition to the survey results, leading senior level execs have been interviewed to bring you the most up to date and all-embracing overview, including insights from Ford, A.T. Kearney, Vodafone, Telit Wireless Solutions, Allianz, Wunelli and many more.

The complimentary executive summary available to download via the website: http://www.telematicsupdate.com/insurance-report/download-report-extract.php

Zsófia Kulcsár

Assistant Marketing Manager

Telematics Update

+ 44 (0) 207 375 7167

7-9 Fashion Street, E1 6PX, London, United Kingdom

zkulcsar@telematicsupdate.com 

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