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KNOW ANYONE WHO SHOULD BE READING INSURANCE BUSINESS AMERICA? TELEMATICS:NUMBERS ST THE LATE UPFRONT
SIS NEWS ANALY
11%
In the at driver’s se
ion of light vehicles Rate at which product of telematics is form equipped with some annually expected to grow
88%
cars that will have Percentage of new ics by 2025 integrated telemat
data-led ging toward ics is dulum is swin motive telemat The global pen tions, and auto insurance solu way leading the
16 MILLION
have in the US that will Number of new cars ics by 2025 integrated telemat
to nsation in order y and compe mine liabilit ues quickly. telematics contin process claims big business: ND for auto telematics is THE DEMA ted 33 million , It’s clear that next decade year, an estima form t that in the to grow. Last with some be a Repor ts sugges s equipped the road will and light vehicle vehicle on ed globally, 88% of nearly every were produc s is a whopping 2025, vehicle By of telematics abled to connected one. are expected of telematics-en g ed globally production annually, toppin and new cars produc grow by 11% ted telematics, by 2023. expected to with integra automobiles pumping be equipped 66 million players are vehikey ted d, more than connec of in the race forwar new breed with new usageg their coming up Alongside the also offerin resources into ns. insurers are mobile cles, many nce [UBI] solutio solutions via based insura Willis Towers telematics customers brokerage giant In October, telematics or, phone apps. nced that global driver behavi its Watson annou to monitoring was acquiring nce In addition Telematics enable insura be provider Octo tics platforms , two firms would today’s telema n, and the accurate pricing cts more divisio e UBI lated produ y to provid companies and securit on insurance-re nel partnering provide safety of key person r even and can nce numbe and d. A assista going forwar as roadside features such g. trackin stolen vehicle
31%
onal apps to traditi now – from ms, is being used ted car platfor and connec in the black boxes the growth helping to fuel rs they are all because insure y, it works e their market. Frankl and improv financial result and being get a better risk better pricing by ers loss ratios , and consum t with claims more efficien deal.” as a get a better also surged adoption has tics auto Telema unchanged , a fundamentally response to to Oliver Baxter t, according rinsurance marke ions pay-pe and communicat head of brand By Miles. mile startup Miles indust ry hasn’t tics insura nce Oliver Baxter, By global telema other “The car including much like any from Willis, decades, so his team, moved to for g says. d and r helpin Baxter change Werne also for disruption,” leader Geoff telematics is deal. the way it For carriers, sector, it’s ripe as part of the efficiency of ded into the over to Octo much about accuracy and quite embed for tly tics, it’s very “People are increase the have to pay can be instan not if “With telema s. Data that necessity – people to happen, date l policy. works. It’s a claims proces y this is going t, for an annua r includes the how quickl to an insure expect to pay Jonathan Hewet it, and they transmitted happen,” says speed and directhing it’s going to IBAMAG.COM of a crash, the at Octo. “Every er details, and location ting officer and even weath chief marke ISSUE 5.10 | $12.95 detertion of travel, easily ers to more allowi ng adjust
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d and more tailore more flexible the convenient, e looking for says, “they’r they to them,” he insurance, and with their car same thing
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f o L L HA
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to get a lders who expect Percentage of policyho by using telematics or more discount of 20% Sources: IHS Markit,
EY, Deloitte
now devices are , connected mains tream the home for their way into starting to make as part of their e. Indeed, a similar purpos Towers Watson Octo and Willis partnership, than just auto. wider net their plan to cast acquiring brings that we’re and “The team to interp ret capab ility ts of data increa sed creasing amoun “be analyze ever-in Hewett says, nt contexts,” can be in all differe anything that it a home, but smart it a car, be t, Octo Telematics is one thing, yet.” Data exist t Big Jonathan Hewet busidoesn’ ted. connec tand why it make smart don’t unders ers are increas being able to the s, By that consum insights and auto policie has another. Clearly Hewett agrees to traditional ns is quite deal, which by says In contrast ness decisio to be defined ding a fairer policy that it ce. “The idea ingly deman future is going a pay-per-mile of the ty insuran of t in offers world majori ts marke Miles – the concep to the old macro spurred new as opposed to customers is a broader dynamic data, is much fairer izing higher we consume’ of ‘paying as currently subsid t,” he says. static data.” of whom are out. driving the marke y in the factor that’s , Baxter points other tics is alread of telema mileage drivers sorts While auto 9 way that all ing more “In the same www.ibamag.com lives are becom ers’ areas of custom
– for those busig for so long ? And for It’s been workin g for, why change nesses it’s workin anything else.” they don’t know customers,
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