Controlling and Engaging Policyholders With Enhanced Risk Mitigation

Carriers have a potentially significant opportunity to deploy enhanced risk mitigation techniques to policyholders: Aite Group report

Boston, MA (May 9, 2019) – The challenge for P&C carriers has been that the actions and behaviors of their policyholders are, for the most part, beyond their control. However, enhanced risk mitigation techniques, supported by emerging technologies such as telematics and enhanced data analysis, are beginning to emerge. Aite Group’s newest report, Controlling and Engaging Policyholders With Enhanced Risk Mitigation, explores these enhanced risk mitigation techniques and whether they provide P&C carriers an opportunity to gain some control over policyholders.

“Attempts to control the environment can be effective, but these efforts ignore the element of human error,” states Jay Sarzen, senior analyst at Aite Group. “Carriers are often left to hope that their insureds act responsibly or that people coming into businesses or restaurants will act responsibly, but even responsible people make mistakes, and accidents can happen as a result, even in environments that have been made safer. Clearly, hope is not a strategy, so carriers are compelled to look beyond environmental control,” he goes on to explain.

Striking a Balance in Enhanced Risk Mitigation (Aite Group)

This Impact Report focuses on the enhanced risk mitigation techniques and technologies that are available to P&C insurance carriers, how they can be used, and whether consumers are receptive to these types of techniques and technologies. It is based on 26 interviews conducted from September 2018 to February 2019 with North American executives at P&C carriers and vendors as well as a March 2019 survey of 766 consumers in the United States. This 53-page Impact Report contains 16 figures and five tables.

Click here for the online report summary or to download the table of contents.

This report mentions Adapt Ready, ADEPT Driver, Amodo, Arity, Cambridge Mobile Telematics, Climformatics, Dreyev, Flo Technologies, Flyreel, HazardHub, Likk Technologies, LifeSaver, Octo Telematics, Plasmatic Technologies, Roost, Terrene Labs, and Yaxa.

About Aite Group

Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.

Source: Aite Group

Tags: Aite Group, emerging technologies, engagement, Flo Technologies, Jay Sarzen, Octo Telematics, Plasmatic Technologies, Roost, Telematics Read the original article at Insurance-Canada.ca