Insurance News: Driving telematics beyond the pricing lane
News of inflation and the cost of living is on the rise. Such discussions often involve increases in auto insurance rates and the potential savings to be found in pay-as-you-drive policies, but data from a car’s telematics can push value beyond pricing.
In this insurance news analysis, Abby Compton and join me David MorseChief Customer Officer Cambridge Mobile Telematics. We discuss how insurers use communications data across the value chain from accurately identifying risks to faster claims settlement.
While we typically see offers based on usage and behavior in customer acquisition, these offers are starting to get pushed out more upon renewal. Continuous monitoring brings the client into risk management and mitigation strategy. It also has the societal benefit of helping to reduce distracted driving, which David calls “an epidemic itself.”