Insurance coverage Information: Driving telematics past the pricing lane | Insurance coverage Weblog
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Inflation and cost-of-living headlines are on the rise. Such discussions typically embrace will increase in automotive insurance coverage charges and potential financial savings to be present in pay-as-you-drive insurance policies, however knowledge from car 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 danger profiling to settling claims sooner.
Whereas we usually 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 advantage of serving to cut back distracted driving, which David calls “a pandemic in itself.”
Gasoline the way forward for insurance coverage: Expertise modernization, reminiscent of AI and cloud-fueled knowledge analytics, helps insurers ship worthwhile progress each by way of rising revenues and slicing prices.
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