Inflation and cost-of-living headlines are on the rise. Such discussions often include increases in car insurance rates and potential savings to be found in pay-as-you-drive policies, but data from vehicle telematics can drive value far beyond pricing.
In this Insurance News Analysis, Abbey Compton and I are joined by David Morse, Chief Customer Officer at Cambridge Mobile Telematics. We discuss how insurers are using telematics data across the value chain from more accurate risk profiling to settling claims faster.
While we typically see usage- and behavior-based offers in customer acquisition, these are starting to be pushed more at renewal. The continuous monitoring brings the customer into the risk mitigation and management strategy. It also has a societal benefit of helping reduce distracted driving, which David calls “a pandemic in itself.”
Fuel the future of insurance: Technology modernization, such as AI and cloud-fueled data analytics, helps insurers deliver profitable growth both through growing revenues and cutting costs.