Armonk, NY (Feb. 1, 2023) – Made possible by GPS technology invented in 1973, the first usage-based insurance patents appeared in 1996. Since then, many other technological advancements (such as the Internet of Things) have contributed to the development and refinement of telematics motor insurance products, but these products are not mainstream yet. Even though some countries have seen higher telematics penetration rates (e.g., Italy), others are still in an incubation phase (e.g., France and Portugal).
Why has telematics not yet taken over the traditional motor insurance? What do policyholders think about this technology? Are we nearing a turning point thanks to younger generations?
To answer these questions and more, the IoT Insurance Observatory and the Automotive and Mobility Solutions team at Swiss Re conducted a customer survey in August 2022. The survey was carried out in nine countries (Canada, France, Germany, Italy, Portugal, South Africa, Spain, UK, US) with a total of 10 000 policyholders (2 000 in the US and 1 000 in each of the other countries). This article provides insights into the survey’s aggregated results and offers a pulse of the telematics motor insurance market at a global scale.
Read a short description of:
- The telematics personas
- The telematics sponsors
- The telematics detractors
- Price as a product design feature
- Value-adding services
- Addressing the telematics target market
→ “Customers are ready for telematics: Evidence from IoT Insurance Observatory & Swiss Re survey,” by Alexandra Stanova, Key Account Coordinator, Globals Division, Swiss Re & Silvia Marcacci, Marketing & Business Development Manager, Movingdots GmbH
About the Observatory
The IoT Insurance Observatory is a global insurance think-tank developed by Matteo Carbone and Digital Tech. For more information, visit iotinsobs.com.
About Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. For more information, please visit www.swissre.com.
SOURCE: Swiss Re
Tags: Internet of Things (IoT), Matteo Carbone, Swiss Re, Telematics
