Telematics Update: Usage Based Insurance Poised for Mass Uptake

Telematics Update: Usage Based Insurance Poised for Mass Uptake

During Telematics Update’s latest research for the Insurance Telematics Report 2013, a B2B survey of 300+ insurance and telematics executives unearthed some of the key challenges to the mass uptake of insurance telematics products. Privacy concerns topped the lists at 30.9% followed by unclear consumer benefits, lack of consumer education and inertia. However, with the recent gender ruling in Europe (insurance premiums can no longer be determined by gender) and the clear benefits of UBI, such as engaging with the consumer and the huge ROI potential, has propelled UBI business models into the limelight for insurers and the telematics community. Telematics Update has therefore published a report to help solve this industry dilemma.

Despite the challenges, Esurance’s associate product manager, Jon Inquimboy believes UBI has the potential to become an industry standard and a “permanent fixture as an option” among insurance models. Esurance is currently running a UBI pilot program in Arizona, and “so far it presents a very compelling case,” he reports. “If we decide to move forward, we can roll it out very aggressively.”

Telematics Update’s reports features case studies from those active in the space so others can learn how to take similar action and move forwards in the market and tackle challenges such as privacy concerns. A report sample is available to download via the website: http://www.telematicsupdate.com/insurance-report/index.php

The Business Opportunity for Insurers and the Telematics Community

The full report covers the following topics:

  • Overcome data privacy concerns: Discover how customers can be incentivized to share their data to ensure you generate the biggest ROI from insurance telematics products and services
  • Penetrate the booming 2013 market: Detailed analysis of the burgeoning insurance telematics space will enable you to develop a robust strategy to solidify your share of the market before other companies get ahead
  • Market prospects: Our industry survey reveals when companies working in the space anticipate telematics products and services will reach mass consumer uptake so you can adjust your timelines to take the lead in the North America and European markets
  • Prepare for gender legislation: Learn to adapt your business models for telematics, as gender can no longer determine insurance premiums, to improve your revenue in 2013 and beyond
  • Business model case studies: Determine whether PAYD, MHYD and PHYD will deliver the biggest ROI for insurers to make strategic investment decisions
  • How to form partnerships: Understand data collection models and how this will determine which parts of the ecosystem from insurers, telematics providers, wireless carriers and OEMs need to collaborate for the biggest ROI

And many more topics such as what we can learn from the fleet space, IP, legislation and how to overcome long-term challenges to consumer adoption….

This brand-new addition to the Telematics Update business intelligence series is 85 pages and includes the B2B survey results. This has also been supplemented with interviews from Ford, AAA Insurance, The AA, Towers Watson and the USDOT amongst other experts. An exclusive report sample is available via the website:http://www.telematicsupdate.com/insurance-report/index.php

The report can be purchase the here: https://secure.telematicsupdate.com/insurance-report/purchase.phpor by contacting the Telematics Update team at reports@telematicsupdate.com

Best wishes,

Charlotte

Charlotte Wright
Marketing Manager
Telematics Update
+ 44 (0) 207 375 7517 / 1 800 814 3459 ext. 7517
cwright@telematicsupdate.com
Fashion Street, London, E1 6PX, UK

Telematics Update: The Unparalleled Intelligence and Networking Platform that Unites the Telematics Industry Telematics Update offers unique and incisive news and analysis for the automotive telematics space. Our business know-how includes areas such as Insurance Telematics, Safety, Infotainment, In-Car Content, Navigation, LBS, Fleet Management and Telematics for EVs. Our newsletter, reports and global B2B conferences unite thought-leaders from across the automotive, consumer electronics, mobile, wireless, digital and web industries to drive innovation, build relationships and bring vehicle connectivity to the masses.


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