Inflation and cost of living headlines are on the rise. Such discussions often include increases in car insurance rates and the potential savings 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’ve joined david morseChief Customer Officer 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 offers in customer acquisition, these are starting to be pushed more on renewals. Continuous monitoring brings the client into risk mitigation and management strategy. It also has the social benefit of helping to reduce distracted driving, which David calls “an epidemic in itself.”
Fuel the future of insurance: Technology modernisations, such as AI and cloud-fuelled data analytics, help insurers deliver profitable growth through both increasing revenue and cutting costs.