Despite the far-reaching promise of telematics in insurance, fewer than two dozen carriers have managed to bring a telematics solution to market in North America in either personal or commercial auto.
Personal auto insurance is already the most commoditized line of property/casualty insurance and is likely to become the most exact of the lines in terms of underwriting as insurers spread the movement known as usage-based insurance.
Personal auto insurance is already the most commoditized line of property & casualty insurance and is likely to becoming the most exact of the lines in terms of underwriting as insurers spread the movement known as usage-based insurance.
Personal auto insurance is already the most commoditized line of property & casualty insurance and is likely to becoming the most exact of the lines in terms of underwriting as insurers spread the movement known as usage-based insurance.
Some insurers, in their never-ending effort to more accurately measure risk, have found drivers can help—and in the process, maybe save themselves a few bucks. A relatively new “telematics” tool is becoming more and more common in the automobile-insurance underwriting realm: pay-as-you-drive, or usage-based programs.
The insurance industry is ablaze with news about how new technologies are transforming the insurance value chain. Insurers are actively looking to leverage appropriate technologies from agency and sales to underwriting and billing to claims handling.