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Telematics Fosters New Opportunities for Improved Customer Perception and Engagement, Says Novarica

Staff Writer | July 17, 2018

While the use of automotive telematics in insurance is still relatively modest, it is poised for expansion as infrastructure, user familiarity, and built-in connected features improve. Even so, 50% of the insurers who have deployed telematics programs say the value is unclear. Today, most carriers who leverage telematics capabilities do so for actuarial and underwriting purposes, but carriers and vendors alike are beginning to consider the range of other services telematics can offer, particularly in the claims process. In a new brief, Beyond UBI: Auto Telematics In Insurance , research and advisory firm Novarica summarizes the state of automotive telematics for the auto insurance industry and surveys major players in the vendor landscape. 

"Thinking beyond service packages, telematics programs like driver improvement initiatives give insurers the opportunity to realign their relationships with policyholders; carriers can position themselves as entities who care about their insureds' well-being and invest in their safety and self-improvement," said Jeff Goldberg, Senior Vice President of Research and Consulting, and co-author of the report. "In that sense, the greatest value of telematics isn't in improved underwriting or even in data capture, but in the way it challenges insurers to reimagine their service offerings and their relationships to their policyholders."

A preview of the brief is available online at  https://www.novarica.com/beyond-ubi-auto-telematics-in-insurance/, and desk copies of the report are available to qualified media. Please contact media@novarica.com or call Victoria Spitz at 617-897-1921 for more information.


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