Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Auto Insurance Telematics – The three-minute guide – Deloitte

[ff_author_box_style2]

Article Synopsis :

Auto insurance premiums have traditionally derived from loose proxies such as demographics, credit scores and location. But with the advent of UBI and telematics carriers are basing premiums directly on the driving behaviours of customers.

 The Digital Insurer reviews Deloitte’s Report on Auto Insurance Telematics - The three-minute guide

UBI: Fad today; norm tomorrow

In the summary report “Auto Insurance Telematics – The three-minute guide”, Deloitte presents their view on how embracing UBI and telematics can give an edge to carriers in the fast changing auto insurance landscape. The report suggests three main benefits:

  • Manage risk more effectively
  • Retain lower-risk drivers
  • Attract new market segments

Moving ahead with telematics requires strategic thinking in two areas:

  • Collection of driver data: What is the preferred method of data capture? What period of time is necessary to gather a sufficient amount of data to provide meaningful insights into driver behaviour?
  • Assessment of third-party vendors: Identify and verify  vendors capable of providing advanced data collection,  industry-leading data security standards, systems reliability, advanced analytics, knowledgeable advice, and features that align with growth plans

Carriers deciding not to offer UBI policies will at least need to develop a strategy for protecting lower-risk (i.e. higher-profitability) policyholders from competitors angling to cherry-pick them with UBI offerings.

Link to Full Article:: click here

Digital Insurer's Comments

UBI accounts for less than 5% of global auto premiums at present. The uptake can be expected to increase at an accelerating rate as drivers, especially responsible ones, seize the benefits of the new model.

When UBI reaches 20% penetration, a tipping point, the composition of the remaining 80% will be profoundly changed. Even insurers not offering UBI must recognize UBI as a disruptive, not evolutionary, innovation, developing contingency plans accordingly.

Link to Source:: click here

Comments

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in