Andrew Tolve notes research from industry analyst, Towers Watson. “Sixty percent of the personal auto insurance market in the US is covered by insurers that offer some form of a usage-based insurance (UBI) program”.
Telematics Update journalist, Andrew Tolve notes research from industry analyst, Towers Watson. “Sixty percent of the personal auto insurance market in the US is covered by insurers that offer some form of a usage-based insurance (UBI) program.” The Future for Insurance Telematics Report: Smart Vehicle Technology denotes the growing insurance telematics market.
This is also marked by Progressive, one of the largest auto insurers in America, with their launch of SnapShot, a pay-as-you-drive (PAYD) insurance program available in two-thirds of the country.
Robin Harbage, Director, Towers Watson, observes how the growth of UBI will open up lucrative opportunities for telematics companies.
“The data companies collect from these programs can become a competitive tool with potentially huge benefits. Those benefits will go to the first movers. The industry is catching on, which is why it’s starting to explode.”
Several challenges face the insurance telematics market such as the disengagement between insurers and telematics providers. Tolve states that ‘the latter often struggle to understand what insurers are looking for and how they want data presented’.
There is a huge demand for business intelligence on the strategies of car manufacturers and insurance companies as they hold the key to mass market penetration for first and second tier telematics vendors.
Fortunately extensive industry research, supplemented by comprehensive case studies from key insurance telematics pilots and programs, is compiled in The Future for Insurance Telematics Report: Smart Vehicle Technology.
Case studies include General Motors, OnStar and Hyundai to facilitate the development of winning insurance telematics business models.
The report explores UBI strategies from major insurers, data and security issues. This extensive insight reveals what insurers and automakers are looking for in partners in this space, specifically which solutions are required from telematics companies.
An additional problem for the insurance telematics market is the state-based complex regulatory system. Telematics Update’s insurance report provides the latest update on the regulatory landscape allowing insurers, automakers and telematics companies to account for such obstacles in their strategic planning.
Graphs, statistics and figures exemplify global market forecasts including the position of device manufacturers and wireless carriers. This report is fundamental to understanding the strategies of insurers and automakers, building partnerships and positioning businesses for success.
As Harald Trautsch, chief marketing officer for Octo states “We believe that using driving behavior information can optimize the situation for the driver and optimize the situation for the insurer.” UBI will open up lucrative opportunities for telematics companies and the opportunity to capitalize is achievable with knowledge on the insurance telematics eco-system.
For more information visit http://www.telematicsupdate.com/insurance-report/index.shtml , contact charlotte wright on +4402073757517/ 1 8008143459 ext. 7517 or email cwright(at)telematicsupdate(dot)com.
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