Headlines about inflation and the cost of living are increasing. Such discussions often center around increases in auto insurance rates and potential savings from pay-as-you-drive policies, but data from vehicle telematics can drive value far beyond pricing.
In this insurance news analysis: Compton Abbey and I agree David MorseChief Customer Officer at Cambridge Mobile Telematics. We discuss how insurers are using telematics data across the value chain, from more accurate risk profiling to faster claims settlement.
While we typically see usage and behavior-based offerings in customer acquisition, these are increasingly being driven in renewal. Through continuous monitoring, the customer is included in the risk mitigation and management strategy. It also has a societal benefit, helping to reduce distracted driving, which David describes as “a pandemic in itself.”
Drive the future of insurance: Modernizing technology, such as AI and cloud-based data analytics, is helping insurers achieve profitable growth, both through increased revenue and cost reductions.
