Telematics: Overcoming the Speed Bumps | Deloitte US has been added to your bookmarks.
Overcoming speed bumps on the road to telematics
Challenges and opportunities facing auto insurers
Behavior-based telematics is disrupting the auto insurance market, challenging non-participating carriers to follow the lead of early adopters or look for new ways to level the playing field.
The road to telematics report
Early adopters of telematics are collecting data that can reveal a driver's behavior, which in turn can provide a basis for greater precision in insurance underwriting, pricing and claims. Having such first-hand driving data at their disposal could give existing usage-based insurance (UBI) carriers a considerable leg up over those not using telematics. Of course, early adopters still face many challenges in executing a viable telematics program.
As more insurers develop usage-based programs and new players consider entering the market, what obstacles might they face in profitably leveraging telematics data while overcoming consumer and regulatory concerns? In Overcoming Speed Bumps on the Road to Telematics we discuss:
- The current state of the telematics market
- Drivers of telematics’ disruptive potential, including consumer segmentation, technological enablers and opportunities to offer value-added services
- Critical capabilities and strategic decisions affecting products and pricing, customer service and claims management
This report provides data and analysis that may help guide carriers that have already started on the road to telematics, along with those poised to join in, as well as others that will have to compete with telematics-driven players.
Telematics by the numbers
Early adopters of telematics are rapidly collecting data that can be analyzed to reveal driver behaviors that provide a basis for greater precision in insurance underwriting. How are consumers reacting to usage-based insurance (UBI), what should carriers consider on the path to telematics, and what are the potential speed bumps to implementation?
View more, including data from a Deloitte Center for Financial Services survey of over 2,000 respondents about their experiences with consumer mobile technology and their willingness to have their driving monitored by insurers, in our infographic.