The insurance industry’s adoption of telematics is still relatively low, but rapid growth is expected over the next few years. This growth presents an opportunity for innovative insurance carriers, and a risk for those who lag behind.
The latest mandate encourages greater sharing of data between public and private organizations, and establishes protections of privacy and liability for those sharing the information.
The technology has emerged as the number one top new initiative planned this year among CIOs, who are looking to maintain efficiency and productivity despite restricted budgets.
To meet the needs of customers and deliver services as needed, insurers need knowledgeable, skilled people to build and manage sophisticated applications, algorithms and analytics.
Principal Consultant, TelematicsCCC Information Services
By evaluating and measuring opportunity cost and leveraging other progressive metrics such as policyholder engagement, insurers struggling to grow their UBI programs should be able to get the continued support they need from executives to see their programs through to success.
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