“Any sufficiently advanced technology is indistinguishable from magic.” The best-known technology law formulated by Sir Arthur C. Clark in the ’60s still holds today, when insurance companies can use connected telematics solutions as a competitive lever to improve profitability and expand their customer base. To better understand how that works, we’ll take a step back and examine how telematics has changed over time. … Read More
Connected Insurance
Building a rewards program that really works
Amid the accelerating economic recovery, the competition in the motor insurance market is intensifying. To make up for the losses sustained during the pandemic, insurers are unlikely to cut down premiums to incentivize customers. Instead, they will look for other methods to attract and keep them. But how to put new life into the hackneyed world of bonus rewards and privilege points? You’ll find some ideas in this article. … Read More
Profiling and Clustering Drivers to Improve Your Insurance Products
Road accidents are one of the major public health threats globally, and the human factor is the main contributing force. To account for this fact, insurers have long applied harsh acceleration, braking, and cornering (ABC) events to analyze driver behavior and inform their pricing models. However, this method has some limitations. Telematics-based contextual driving behavior analytics surpasses them, giving insurers and fleet operators a much better way to evaluate risks posed by individual drivers. … Read More
What Does The Future Hold For Connected Insurance?
As worldwide data is growing exponentially, car insurance companies are tapping into IoT-based technologies to gain an edge. By leveraging data, they may unlock significant benefits, from improving the cost/claim ratio to providing distinctive and personalized services. What do they need to embrace the evolving trend of connected insurance? We explain. … Read More
Free Webinar: A New Era in Insurance Telematics
Watch our free webinar on demand and get insights into how connected insurance helps you to implement UBI 2.0 products.
From costly devices to rich data platforms, gamification elements, and loyalty programs, telematics has come a long way.
Join us as we look at the future of insurance telematics and demonstrate what insurers can do today to grow their motor segment together with our partner Adacta. … Read More
Claim Context Enables Smart Pricing
What do you know about claims? The approximate location, when it happened, and a few details that your client provided you. This information might be enough for essential claim management, but there is an unused potential to be unlocked by adding context to claims.
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The chicken and egg problem in insurance telematics
Is it impossible to have telematics tariffs without reaching the milestone of having relevant trip and claims data for a large reference group? How do you start your telematics-based insurance product without pre-investing time and resources on this milestone? … Read More
Insurance Pricing and Telematics: A Historical Contradiction?
Why are most insurance companies hesitant to create telematics products? It’s because nobody knows how to translate telematics data into their pricing models. … Read More
Telematics? What the heck, no!
Don’t judge a book by its cover: it’s not all about creating another usage-based insurance. Telematics offers a variety of opportunities to speed-up customer onboarding, increase competitiveness, and optimize your customer portfolio. … Read More