CONNECTED INSURANCE

There are many immediate benefits to launching a connected insurance program—from higher customer engagement and loyalty with rewards, coaching, and reduced claims, to new revenue streams thanks to innovative insurance products. But the jackpot, truly, lies in the long-term vision. To maintain profitability in the long haul, motor insurance companies should already think two steps ahead, reconsidering their data approach today to reap benefits tomorrow. … Read More

The car insurance industry has seen many conversations around the pivotal role of digital technologies, product innovation, and customer-centricity as market differentiators. With these concepts, new terms have emerged to reflect the cutting-edge technologies and the upgraded ways of doing business. Understanding what they mean, how they differ, and what opportunities and constraints they entail, is essential to getting ahead of competitors. … Read More

“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

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

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

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

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