The Future of Personal Lines Auto Insurance Through Telematics
Telematics bring rating and claims systems in line with technology and prepare carriers for the future of auto insurance
Boston, MA (Dec. 11, 2019) – Technology developments in the last few years have led to new types of devices generating more telematics data and at a lower price point. Carriers have focused mainly on the underwriting implications of this technology, but the uses extend beyond rating and into claims and customer engagement. Carriers not taking advantage of all that this technology has to offer will quickly fall behind their competition. Aite Group’s latest report, The Future of Personal Lines Auto Insurance Through Telematics, explores the major telematics features affecting the underwriting and claims process.
“Carriers must focus on how to integrate telematics systems into their underwriting and claims processes first, and then focus on customer buy-in to accelerate the adoption of this technology,” explains Greg Donaldson, senior analyst at Aite Group.
This report helps executives from property and casualty insurance carriers evaluate the major telematics features affecting the underwriting and claims process, understand the marketing methods to best position these devices with their customers, and identify the different types of telematics devices that are currently available. It is based on 40 phone interviews conducted with telematics experts, C-level executives, innovation directors, and thought leaders at insurers, reinsurers, technology vendors, and consulting firms from around the globe between July and August 2019.
Click here for the online report summary or to download the table of contents.
This report helps executives from property and casualty insurance carriers evaluate the major telematics features affecting the underwriting and claims process, understand the marketing methods to best position these devices with their customers, and identify the different types of telematics devices that are currently available. It is based on 40 phone interviews conducted with telematics experts, C-level executives, innovation directors, and thought leaders at insurers, reinsurers, technology vendors, and consulting firms from around the globe between July and August 2019.
This 33-page Impact Report contains eight figures and 13 tables. Clients of Aite Group’s P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions Allstate, Arity, CCC, DriveQuant, IMS, Insure Telematics, Metromile, MSG Global, Nationwide, Progressive, Redtail Telematics, Safeco, State Farm, Telematicus, Travelers, and Verisk.
Click here for the online summary or to download the table of contents.
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, Allstate, CCC, Intelligent Mechatronic Systems (IMS), MetroMile, Nationwide, outlook / predictions, personal lines, Progressive Insurance, Safeco, State Farm, Telematics, Travelers, VeriskRead the original article at Insurance-Canada.ca