Smartphone UBI apps, currently revolutionising the insurance telematics market, have the potential to build trust between the insurer and the consumer in the automotive insurance market
London, UK (Apr. 7, 2014) – Now that early stage challenges such as battery reliability and data validation issues are being overcome, insurers are steadily beginning to adopt app solutions to launch their first forays into the UBI sphere.
Indeed, the benefits for insurers to adopt a smartphone app are numerous; for one, they have the ability to select the metrics upon which a driver is assessed, enabling them to tailor a product to a very personal level dependent on the driver.
Accident data is another data metric that will soon be able to be collected by smartphone. This will enable insurers to collect real-time accident notifications as well as provide e-call capabilities, something that was previously reserved for black box concepts.
These capabilities are having a positive effect on the insurer-insured relationship, building a trust that insurers have traditionally found difficult to establish.
“Traditionally, consumers think the companies are asking for too much money, and insurance companies think that drivers make false claims and drive badly,” states Andy Goldby, Chief Product Officer at UBI app developer The Floow. “In reality, this perception is based on experiences of a small minority of both. Our app allows the user to tag journeys which, for whatever reason, he does not want included in the scores. This would include, for example, journeys he or she took in a taxi or bus. This feature lets the insured person be in control and shows that the insurer trusts him.”
Goldby will discuss how the smartphone proposition can be built into a sustainable business proposition at the Telematics Update’s Insurance Telematics Europe Conference and Exhibition 2014.
Telematics Update will hold the 4th annual Insurance Telematics Europe 2014 Conference & Exhibition in London this May. Telematics Update has constructed an independently researched agenda with 30+ key sessions and more than 50 carefully selected insurance professionals from Renault, Allianz, Volvo, Zurich, Microsoft, MoneySupermarket.com, Autoline, Young Marmalade, Thatcham, LV=, FBD Insurance, Boston Consulting Group, Towers Watson, Comparethemarket.com and more.
At Insurance Telematics Europe 2014 they will explore the crucial topics that insurers face today, including:
- The Smartphone Proposition
- The Killer Value Added Services
- Build & Communicate Value to the Consumer
- UBI Gamification: The Next Level
- The Impact of Data Standards for UBI
- Underwriting for Fleets
For the complete Insurance Telematics Europe 2014 Conference & Exhibition programme and speaker line-up, visit Telematics Update.
“This event will become the essential annual conference to stay connected within insurance telematics.”
– Liberty Mutual
Telematics Update conferences are the most prestigious in the industry. We produce the largest telematics events in North America, Europe & Asia, and attract the most influential speakers providing a rich environment for establishing strategic relationships and networking.
Visit telematicsupdate.com for more information.
Source: Telematics UpdateTags: Telematics, Telematics Update, The Floow, Usage-Based Insurance (UBI)