2. 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
3. More Data = More Insurance Telematics Products and
Services
The growth of insurance telematics products and services is data
driven
4. 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
5. Factors to Consider when Designing a
Product
The Dynamics of the Market: Factors affecting insurance telematics’
development
6. So, What do Consumers Want?...Data
Transparency.
The ability to monitor driving scores and miles driven, vehicle maintenance alerts
and tips for driver safety and alternative routes offer the greatest potential
7. Learn more about insurance
telematics…
If you found some of this information useful, and want to really
understand:
• 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 topics
Find out more about Insurance Telematics USA 2012
Conference and Exhibition (Sept 5-6th, Chicago, USA)
www.telematicsupdate.com/insurance
Email: esavage@telematicsupdate.com
