{"id":19909,"date":"2020-10-20T17:05:09","date_gmt":"2020-10-20T21:05:09","guid":{"rendered":"https:\/\/www.insurance-canada.ca\/?p=68474"},"modified":"2020-10-20T17:05:09","modified_gmt":"2020-10-20T21:05:09","slug":"telematics-usage-growing-in-insurance-service-providers-maturing","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/10\/20\/telematics-usage-growing-in-insurance-service-providers-maturing\/","title":{"rendered":"Telematics Usage Growing in Insurance, Service Providers Maturing"},"content":{"rendered":"

Although overall adoption is still modest, telematics-based offerings are increasingly seen as enhancing customer-engagement: Novarica
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Boston, MA (Oct. 20, 2020) \u2013 Telematics-based products and services are becoming an important segment of the personal and commercial automotive and fleet insurance markets. While overall penetration is estimated at about 6-8% of insurers\u2019 books, some insurers\u2019 penetration rates have reached 30-35%. In a new report, Telematics in Insurance: Overview and Key Issues<\/strong><\/em>, research and advisory firm Novarica examines the current state of telematics in personal auto insurance, including insurer activity, adoption rates, common program features, and the design of telematics-based insurance products.<\/p>\n

\u201cTelematics doesn\u2019t have to become dominant to affect consumer expectations around price, convenience, and service,\u201d said Harry Huberty, Chief of Staff at Novarica and author the new report. \u201cInsurers taking a \u2018wait-and-see\u2019 approach to telematics should be mindful of the effect that expansion of telematics may have on their books of business as less safe drivers \u2018attrition out\u2019 of their competitors\u2019 telematics programs.\u201d<\/p>\n

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Among the key findings of the report are:<\/p>\n