The adoption of telematic-informed underwriting continues to grow and evolve, enabling new business models for motor insurers. Pay-per-mile (PPM) and usage based insurance (UBI), which are informed by actual driving behaviour, have enabled customers to better manage their insurance costs, while providing insurers with invaluable data to inform risk analysis.
Among the facts that approximately one in three vehicles will be telematics-ready by 2023, a greater willingness by consumers to opt in to data sharing arrangements, and changes in driving patterns brought on by the Covid-19 pandemic, it appears that telematics could be poised for greater adoption in the years ahead.
Download this eBook to find out how insurers can leverage low-code, SaaS PAS solutions to construct a telematics program for personal motor insurance.