It is clear that both United States insurers and insurers in the United Kingdom are focusing a lot of their efforts into telematics; but both doing it in different and unique ways. Jamie Macgregor of Celent in the UK says that they are targeting young drivers and using telematics as a way to help them become better drivers (Hyle, 2013). It is a way for teenagers and young adults to prove to the insurance companies that they actually can drive safely. British insurers are also using telematics to help prove that older drivers can do the same. In the UK if young drivers can prove that they are safe drivers they will in return receive back the money that they originally paid in their high premium. Americans have yet to adopt this concept.
American Insurers seem to be working at a different angle. They are using a systematical viewpoint to help good drivers get discounts on their premiums. Rather than using telematics as a teaching tool, American insurers want to provide people with rewards for the good driving that they practice. It is a strategy that draws in many people because of the savings that are being sought after. After all most people will do anything that they can to save a few dollars, including being a safe driver. Whether you are from the US or the UK there is a promising future for the use of telematics. Telematics will begin to change the way that auto insurance is sold in both Countries. It is safe to say insurance companies are already buzzing with new telematics deals and information, and people cannot stop talking about it.
Now it is time to follow the technology trend in the insurance industry. Tell us what do you think of this technology? Find out more about how Hoperun technology can help your business in telematics industry. We would like to explore your current development needs and how HopeRun may be able to bring the value of UBI to your company without spending a fortune! Contact us today!
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Hyle, Robert. “ACORD LOMA 2013: Telematics from Two Angles.” Insurance News and Analysis for Risk Managers, Agents, Brokers, P&C Insurance Pros. Property Casualty 360, 8 May 2013. Web. 21 May 2013. http://www.propertycasualty360.com/2013/05/08/acord-loma-2013-telematics-from-two-angles?t=tech-management