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 [email protected]

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: Where the Data Meets the Road – Deloitte

Article Synopsis :

What is the state of the telematics market?

 The Digital Insurer reviews Deloitte’s Report on Auto Insurance Telematics: Where the Data Meets the Road

Insurers engaging in UBI gain new customers plus valuable capabilities in data and analytics.  

In the report “Auto Insurance Telematics: Where the Data Meets the Road”, Deloitte presents an in-depth analysis of UBI and telematics. The report highlights the challenges surrounding UBI adoption and details the role of driver data in improving the performance and viability of UBI programs. UBI is here to stay, the report asserts, even if the customer response remains mixed:

  • 26% of survey respondents would allow monitoring, without stipulating any specific minimum discount in return
  • 47% of survey respondents would not be interested in having their driving monitored under any circumstances
  • 27%of survey respondents might get on board with UBI if the price were right

What percentage discount would it take to make a driver consider UBI?  What are the age and income breakdowns for UBI acceptance?  All here in this well-researched report.

Insurers offering UBI products are looking for new ways to differentiate themselves within the space.  Some examples include:

  • Real-time road condition alerts
  • Gamification and related rewards / incentives
  • Real-time roadside assistance
  • Green driving monitoring
  • Traffic alerts on preferred routes
  • Co-marketing of location based services
  • Stolen vehicle location services
  • Real-time claim notification
  • Geo-fencing

At a basic level, UBI is about data – complex data at that.   The report  identifies and discusses four key data-specific steps in the telematics journey, essential for newcomers to the game:

  • Collecting the data
  • Achieving a critical mass of data
  • Operationalizing the data
  • Implementing a UBI program

Link to Full Article:: click here

Digital Insurer's Comments

The paradox of UBI in primarily auto insurance (other lines of business eventually) is the technology and expertise required to excel at UBI is both challenging and expensive, and the customer expects lower rates in return.

As a result, most insurers have yet to enter the game.  It’s our view early adapters, experimenting with UBI and telematics, building capabilities in real-time data monitoring, robust analytics, mobility and cloud computing, toward innovation in risk pricing, product development, and claims will have the edge not only in UBI but the broader, richer area of data analytics and the digital business models they enable.

Crunching the data streaming from telematics devices is the core competency of digital insurers.  Balking at UBI for its complexity delays a journey every insurer must embark upon eventually. 

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