Technology continues to play a central role in transforming our world, and the auto insurance space is no different. With competitive pressures driving insurers to find ways to cut business costs and improve both productivity and efficiency, the utilization of telematics technology is becoming increasingly popular. Often derided for being behind the times, the insurance industry is showing its innovative side in embracing telematics solutions.
Although in its relative infancy in North America, telematics is already deeply entrenched in personal auto and gaining traction in commercial lines. Given its success and proven ability to improve the insurer-insured relationship, it’s little surprise that telematics usage is being expanded within P & C to home, drones and car sharing, and beyond to health with wearables
Telematics policyholders are less likely to get in accidents, but, when they do, telematics can reconstruct crashes and provide context to the insurer, helping to reduce fraud and accurately assign liability.
“When telematics data is integrated into key systems such as policy administration, underwriting and claims, it can streamline the entire policyholder lifecycle process, reducing costs and improving customers’ experience,” says Nino Tarantino, CEO, Octo Telematics North America
All insurance professionals are under pressure to optimize processes and increase efficiencies and there’s no doubt that technology will play a key role in that transformation. Download this industry whitepaper to find out how telematics is enabling the insurance industry to improve client relationships.
Download the whitepaper on the role of telematics in insurance now