Building a Business Case for Insurance Telematics and UBI White Paper

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Insurance telematics works—as a way for insurers to manage risks, evaluate the market, delight customers, and help improve revenues and costs. According to a new report from IHS Automotive usage-based insurance technology is expected to grow from the current estimate of +12 million subscribers to well over 142 million subscribers by 2023.

Our complimentary Insurance Telematics and UBI white paper equips insurers with an understanding of the true business value of insurance telematics and provides a number of proof points supporting the many business cases.

Executive Summary – Building a Business Case for Telematics Insurance and UBI White Paper

The substantial challenges faced by insurance firms in the automotive sector have made it necessary to rethink the basic tenets of risk assessment, claims handling, and customer relationships. While contending with the disruption that defines today’s environment, firms struggle to address regulatory mandates, retain existing customers, acquire new ones, and maintain a competitive stance in a changing market in which digital transformation is vastly
altering the playing field.

Despite these obstacles, insurers have useful technology at their disposal to overcome the challenges. Insurance telematics can improve competitiveness and boost profitability, as well as help establish long-term customer relationships through better understanding of the needs and preferences of policyholders. By replacing speculative approaches for calculating risks and minimizing the cost of claims with precise data-driven strategies, insurers can institute telematics-based programs to deliver greater value to customers.

As regulatory models, technology advances, and competitive programs continue to evolve, engaging with an experienced telematics service provider (TSP) is essential to determining the most appropriate business case scenarios for an insurer. A knowledgeable TSP can also help identify the business case best suited to each individual business strategy. This is a necessary foundation for implementing a successful program.

Telematics-based insurance gives insurers an effective way to manage risks, exceed customer expectations, and help improve revenues and costs. As a more narrowly focused offshoot of insurance telematics, usage-based insurance (UBI) offers unique benefits that mirror many of the advantages of telematics. The paper provides insurers with an understanding of the true business values of insurance telematics and UBI, includes proof points that support the business cases.

Table of Contents:

  • Introduction: Choosing a Strategic Direction
  • Primary Considerations for Success
    • Aligning to Corporate Objectives
    • Complying with Mandates
  • Overview Of Trends in the Industry
    • Real-World Data and Analysis
    • Traditional Versus Dynamic Data
    • Projected Market Growth
  • Insurance Telematics Business Case Rationale
    • BUSINESS CASE EXAMPLES – REVENUE-GENERATING OPPORTUNITIES
      • Acquiring Low-Risk Drivers
      • Increasing Customer Retention
      • Offering Personalized, Value-Added Services to Customers
    • BUSINESS CASE EXAMPLES – COST SAVINGS OPPORTUNITIES
      • Reducing the Frequency and Magnitude of Claims
      • Improving Accident Reconstruction
      • Encouraging Better Driver Behavior
      • Increasing Client Engagement to Reduce Claims
  • Expanding Opportunities and Potential Benefits Over Time
  • Summary


Download UBI Business Case White Paper Now

Download White Paper - Building a Business Case for Insurance Telematics and UBI

Please note: You will receive an e-mail containing the access link. Only completed forms will be processed.
(* Required Fields)

First Name (*required)

Last Name (*required)

Email (*required)

Company (*required)

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Send us a message or Describe any challenges you face:

*Would you like an IMS Solutions Expert to contact you immediately?
I agree to receive product information, newsletter containing news, updates and promotions regarding IMS's products and services. You can withdraw your consent at any time.
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