By Jamie Bisker
Boston, Mass. (Aug. 15, 2014) – With telematics and UBI, something mainstream this way comes.
At once game-changing and inconspicuous, usage-based insurance allows insurers to more granularly price insurance risk by using real-world information about how a policyholder behaves behind the wheel. The combination of broader consumer acceptance and more ubiquitous technology has created a groundswell of UBI offerings that work via connected devices and associated apps that leverage telematics. Together, UBI and telematics will soon be firmly ensconced in many North American carriers’ product and services tool kits, acting as a bridge to the future of insurance.
Based primarily on information garnered from six leading providers of insurance telematics or UBI solutions, this Impact Note plumbs the future of telematics and UBI and profiles the following technology services solution providers – Danlaw, Intelligent Mechatronics Systems, LexisNexis Risk Solutions, Modus Group, Octo Telematics, and Verisk Analytics Telematics.
For a deeper summary of the report, see Telematics and Usage-Based Insurance: Notable Players in an Evolving Market. The 24-page Impact Note, containing four figures, is available from Aite Group.
About Aite Group
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, wealth management, capital markets, and insurance, Aite Group’s analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.
Source: Aite GroupTags: Aite Group, Telematics, Usage-Based Insurance (UBI)