Connected-car data exchanges and alternative models are competing to bring OEM data to the insurance industry, giving insurers a number of options: Aite Group report
Boston, MA (Mar. 21, 2018) – Aite Group’s latest report, Connected-Car Insurance: The Rise of Data Exchanges, explores auto insurers around the world and their quest to accelerate the penetration of telematics insurance.
While the use of smartphone apps as telematics sensors has grabbed the headlines over the past few years, insurers are starting to pay more attention to the opportunity to tap into the data generated by original equipment manufacturers’ factory-installed telematics systems. Many vendors have been positioning themselves to either take advantage of such OEM data or provide solutions to complement it.
“Building a connected-car exchange won’t be a walk in the park, but the prospect of exchanges becoming a critical force in insurance telematics is strong, as they bridge the gap between the vast amount of data produced by OEM telematics, consumers’ rights over it, and insurers’ need of it,” explains Gwenn Bézard, research director at Aite Group.
This new report discusses the rise of connected-car exchanges as well as the approach of vendors not positioned as exchanges to help illustrate the competitive dynamic surrounding connected-car data exchanges. Data provided in this report is based on 38 Aite Group interviews conducted in Q4 2017 with technology vendors, insurers, and automobile manufacturers operating in North America and Europe.
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.
Source: Aite GroupTags: Aite Group, alternative model, Connected Cars, data exchange, report