Telematics Insurance Data Management & Product Design 2015
Organization: American Business Conferences
|Event Date/Time: Jun 24, 2015||End Date/Time: Jun 25, 2015|
Telematics has the potential to completely transform the way automotive insurance is provided, reducing both costs for consumers and risk for insurance providers. If the technology and its applications in automotive sound futuristic, it is safe to say that future is already upon us. Today, around 7 million drivers are using telematics products worldwide with research indicating that by 2017, the global telematics market will be 89 million drivers - 15% of the total driving population.
Initially, the main driver behind the adoption of telematics products was self-selection with better drivers being early adopters, allowing insurers to identify and retain more attractive drivers. As markets mature however, telematics has formed a new path for real-time data enrichment and, combined with demographic data, is set to become a fundamental data channel used to more accurately assess driver score and formulate pricine. As more and more insurers look to adopt innovative telematics technologies and data management software to develop policies while encouraging market adoption, an increasing number of insurers are touting telematics as a key part of their customer service and product development strategy.
However, the business case for telematics in insurance has not been proven absolutely. The mainstream business model has not yet been derived and the formula for integrating the data into pricing has not yet been determined.
The first, Telematics Insurance Data Management & Product Design 2015 initiative has been purposefully designed to allow insurers to exchange the very latest in cutting edge technology, tried and tested pilots and case studies and, and best practices for managing and integrating huge streams of complex data into driver score and pricing.