Telematics is neither a fad nor a mere addition to insurers’ pricing and underwriting capabilities. Rather, it represents a disruptive, transformational technology that has the power to reshape the global motor insurance industry, dramatically altering every aspect of the insurance value chain from marketing to claims processing.
This piece looks at the latest developments in the global telematics space and outlines important success factors for insurers to bear in mind when developing a telematics strategy. These include the need for:
Quick and agile pilots that enable continuous improvement.
A detailed understanding of the source of sustainable ROI in the short- and long-term.
Recognition that telematics is only the starting point, not the final destination.
Clearly developed and flexible propositions that will engage different customer segments, and drive value for end-customers, agents and brokers.
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