Thanks to telematics, we are facing a new insurance model that allows a real-time predictive approach of the customer risk.
Telematics and UBI (Usage-based insurance) represent great challenges and opportunities for insurers.
Insurers value propositions :
- Opportunity For Business Growth
Companies gain competitive advantage through better segmentation
- Better pricing
More accurate vision of the drivers behaviour
- Reduce loss costs
Claim handling and fraud prevention
- Product differentiation
- Customer retention
Increase customer engagement and loyalty by rewarding best drivers
- Improve brand-Social advantages
UBI promote green initiative. Potential to reduce miles driven and, hence, emissions.
Consumers value propositions :
- Improve claim handling with more accuracy
- Access individual driving data
- Control their pricing
- Faster emergency response
- Improve tracking to recover stolen vehicles