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Insurance Telematics: Data and the Consumer
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Insurance Telematics: Data and the Consumer

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Insurance Telematics: Data and the Consumer Insurance Telematics: Data and the Consumer Presentation Transcript

  • Insurance Telematics: Data and the Consumer
  • Why is the Insurance Market Ready for Telematics?In 2007, the US property and casualty insurance industry collected premiums of almost $450 billion (auto insurance was the most profitable part)Due to state-by-state financial regulations, the insurance industry has not fostered innovation – resulting in a lack of product differentiationInsurance Telematics allows carriers to:  have the ability to control claims costs enhance pricing accuracy Improve profitability Differentiate policyholder products services
  • More Data = More Insurance Telematics Products and Services The growth of insurance telematics products and services is data driven
  • Data Stitches the Industry Together• The insurance telematics stakeholders across the value chain are linked by data flow • Any product/process that is able to maximise and organise the information involved in this data will be in high demand
  • Factors to Consider when Designing a ProductThe Dynamics of the Market: Factors affecting insurance telematics’development
  • So, What do Consumers Want?...Data Transparency.The ability to monitor driving scores and miles driven, vehicle maintenance alertsand tips for driver safety and alternative routes offer the greatest potential
  • Learn more about insurance telematics…If you found some of this information useful, and want to reallyunderstand:• How to overcome Data Challenges (Collection and Risk Profiling)• More on IP and Privacy Issues• Sales Models to Target the Customer…and many more critical topicsFind out more about Insurance Telematics USA 2012Conference and Exhibition (Sept 5-6th, Chicago, USA)www.telematicsupdate.com/insuranceEmail: esavage@telematicsupdate.com