5 tips to help auto insurers accelerate their UBI adoption rates

Technology has long been embedded in our society's footprint — and it's not likely to go anywhere, either. Its role continues to expand in consumers' day-to-day activities, and no market better exemplifies this than the auto industry. Related: 5 takeaways from Connected Car Insurance USA 2017 As consumers have become increasingly comfortable with technology, the auto industry has adapted to reflect the changing times. Now, features such as blindspot detection and backup camera, for example, are practically considered standard.

Specific consumer data

Under the technology lies a vast amount of data specific to each consumer. For driving purposes, this provides insurers with an opportunity to accelerate their usage-based insurance (UBI) adoption rates. "Collecting real-time telematics data and customer feedback provides auto insurers with the unique opportunity to collaborate with OEMs to identify and promote the telematics capabilities, customization options and UBI programs that are most appealing and deliver true value to consumers," David Lukens, Director, Telematics and Global Products, LexisNexis Risk Solutions, said in a statement. LexisNexis Risk Solutions' latest whitepaper reveals key insights into how auto insurers and original equipment manufacturers (OEMs) can work together. Above in the image gallery are the company's five key recommendations to auto insurers. Related: 1 in 8 U.S. drivers was uninsured in 2015, new study says