Data, technology, usage-based coverage and new roles for claims professionals are four areas to watch. (Photo: Shutterstock)

Insurers are constantly looking for new ways to utilize cutting-edge telematics. Whereas current technology used to be a novel but not a widely-used way to analyze risk, measure usage or trigger claims filing, telematics has since become a standard offering from many of the largest players across the insurance industry.

According to a report by McKinsey, the global revenue pool from car data monetization could be as large as $750 billion by 2030.

What this tells us is that demand from consumers to have connected and intelligent automobiles is only going to increase. As a result, we can and should expect that the insurance technology being implemented, and the models being used, are going to continue to evolve, giving way to exciting new opportunities and challenges in underwriting and claims processing.