Buckle Up For Telematics 2.0 (Insurance Thought Leadership)

Buckle Up For Telematics 2.0

  Tuesday, November 30th, 2021 Source: Insurance Thought Leadership

For as much coverage and discussion as telematics has received over the past two decades, its impact on the auto insurance economy, including transportation, is going to be even greater and further reaching than many may have thought – it will be transformative in the fullest sense of the word.

Broadly defined as the digital exchange of vehicle and driving performance and status data among vehicles, smartphones and sensors of many kinds, telematics will enable and permanently change auto insurance products, pricing, distribution, public safety, alternative transportation, new products and revenue streams for all participants, including auto accident management, claims and repair process for ever-changing customer experiences.

Insurance companies not already participating in this transformation will be hugely disadvantaged as telematics adoption grows beyond the tipping point.

Telematics is one of the most discussed insurtech innovations for both personal and commercial auto insurance. Insurance carriers enthusiastically promote the concept of using apps, windshield and plug-in devices in some combination to track driver behavior in exchange for discounts or pay-per-mile benefits.

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