Telematics Update Exclusive Webinar: UBI Data Management: Crucial Planning to Avoid Pitfalls

Posted by Hayden [1] on Apr 30, 2014

Telematics Update will host a free webinar with Towers Watson and Ford on Friday May 9 to discuss the decisions today’s Usage Based Insurance players need to make about data management to ensure they’re prepared for the underwriting requirements of tomorrow.

In a decisive online meeting between the two UBI innovators, Robin Harbage, Director, Towers Watson and Dave Chronowski, Product Manager - Connected Services Solutions, Ford, will analyse data management choices.  Experts suggest that wrong decisions made now could have a detrimental effect on the future success of an insurer’s UBI program.  If data is not processed, stored and organized properly, this can affect the viability of using today’s data for tomorrow’s more sophisticated programs.  As insurers seek to store the vast quantities of big data that UBI programs bring with them, storing ‘cleaned’ UBI data appears to be a good solution to mounting costs.  Be warned! There can be implications with mining historic data that has been cleaned.  Robin Harbage will explain the benefits of storing the data in raw form. 

Sign up to attend the webinar here: http://www.telematicsupdate.com/insurance-telematics/webinar.php [2]

According to David Lukens, Director of Telematics at Lexis Nexis, which keeps both raw and processed data indefinitely; ‘Among the many reasons not to drop data, is that carriers want to incorporate telematics elements into their multivariate rating models’.

Additional focus on data and the forms in which it must be stored will come under scrutiny with the entrance of new players to the market.  While a small handful of automakers have been dipping into the UBI industry, during the next year we expect to see most of the major OEMs formalising their role in this market. With this in mind, the webinar will also examine data exchanges that will be occurring with increasing frequency in the future with regards to automakers: Will the trend be for their partnerships to be with the insurance carrier directly or with a data aggregator, and what are the implications for the insurance carriers? This timely webinar has limited places so Telematics Update advised attendees to sign up ASAP while seats still remain: http://www.telematicsupdate.com/insurance-telematics/webinar.php [2]

The webinar is being conducted in exclusive association with the Insurance Telematics USA Conference which will further examine and provide much-needed analysis of these fundamental questions surrounding data and the automaker role in the UBI space (date location etc.).This event, North America’s biggest and most respected insurance telematics conference, provides the only place where the entire value chain gathers under one roof.  The conference will examine the roadmap to the tipping point of the industry, as it takes UBI programs to the mass-market.

Preliminary topics for discussion at this must-attend event for anyone serious about insurance telematics are available on the website (http://www.telematicsupdate.com/insurance-telematics/ [3]).

Here’s a quick snapshot:

All the latest announcements and speaker line-up for 2014 will be released on the website in the coming weeks. The complimentary brochure can be downloaded on the website including the full conference agenda: http://www.telematicsupdate.com/insurance-telematics/conference-event-brochure.php [4]

About Telematics Update:

Telematics Update Conferences are the most prestigious in the industry. We produce the largest telematics events in North America, Europe & Asia, and attract the most influential speakers providing a rich environment for establishing strategic relationships and networking.

Contact:

Harriet Molyneaux

Project Director | Telematics Update

E: hmolyneaux@telematicsupdate.com [5]

T: (UStf) 1 800 814 3459 ext 7546 | (Global) +44 (0)20 7375 7546