IOT/Telematics

Insurers that are able to make the best use of data are already winning market share, improving key ratios and generating superior risk intelligence, according to a report from the Capgemini Research Institute.

Some consumers don’t seem to be crying out for usage-based insurance and evidence shows some of the models in use are only mildly predictive at best. Why is that? Why is it that auto insurance companies have not found a way to significantly improve on the traditional metrics of age, zip code and the like despite all the technological advances of the last few decades?

Allstate and John Hancock recently announced a partnership to reward John Hancock Vitality members with points if the policyholder is also a safe driver with the Allstate Drivewise program. The alliance is the first of its kind and could be an indicator of where the insurance industry may be going.

As we look ahead, evolving technologies are presenting home and auto owners with new potential risks. Hacking and ransomware, once confined to computer networks, may become an endemic cyber vulnerability for our increasingly connected vehicles and “smart home” devices. Yet many of these same technologies could create new data sources and risk mitigation options for personal lines insurers.

The unique partnership comes amid an increase in vehicle crash-related deaths and a desire to help customers understand how their choices could potentially support their overall health.

Travelers IntelliDrivePlus allows customers more opportunity to increase their usage-based discount at a time when prices are going up.

According to a Breeze survey, 55% of consumers would be interested in buying a hypothetical insurance product from Amazon that used data analytics to determine policy pricing, over a legacy carrier.

In other news: Overhaul and Movingdots collaborate; Zurich Resilience Solutions adds DEI service; Vertafore names chief technology officer.

New research from SMA shows that the plans and progress of some transformational technologies are accelerating ahead as others have hit the brakes.

Auto insurers can leverage critical mobility risk insights like distracted driving, hard turns, and more, turning them into effective personalized marketing campaigns.