Inflation and cost-of-living headlines are on the rise. Such discussions typically embrace will increase in automobile insurance coverage charges and potential financial savings to be present in pay-as-you-drive insurance policies, however knowledge from automobile telematics can drive worth far past pricing.
On this Insurance coverage Information Evaluation, Abbey Compton and I are joined by David Morse, Chief Buyer Officer at Cambridge Cellular Telematics. We talk about how insurers are utilizing telematics knowledge throughout the worth chain from extra correct threat profiling to settling claims sooner.
Whereas we sometimes see usage- and behavior-based gives in buyer acquisition, these are beginning to be pushed extra at renewal. The continual monitoring brings the shopper into the danger mitigation and administration technique. It additionally has a societal good thing about serving to scale back distracted driving, which David calls “a pandemic in itself.”
Gas the way forward for insurance coverage: Know-how modernization, equivalent to AI and cloud-fueled knowledge analytics, helps insurers ship worthwhile progress each by means of rising revenues and reducing prices.
