The Growth of Insurance Telematics

 According to “Usage Based Insurance and Safety Telematics Synergies” insurance telematics subscriptions are supposed to grow to 107 million by the year 2018. That is an 81% increase compared to 2013’s 5.5 million subscriptions. Insurance telematics are becoming a huge part of the market due to the overwhelming amount of growth that they have received.  Insurers are seeing the need to move to a more proactive and CRM based approach which will benefit their customers and create a better bond.” The auto Insurance telematics insurance industry faces a fundamental change to business, ABI said, with the emergence of fully autonomous cars, the movement toward a “zero accident risk environment” and active safety systems based on ADAS and V2X technology” (McMahon, 2013). The future of Insurance Telematics is looking up and a lot should be expected in the years to come.

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McMahon, Chris. “100 Million UBI/Telematics Subscribers Projected by 2018.” Insurance Networking News. N.p., 06 June 2013. Web. 07 June 2013.

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