IOT/Telematics

By facilitating access to rich, unstructured data in real-time, technology is paving the way for insurers to employ greater personalization and become customer-centric. It can drive tremendous growth opportunities as well as cost and operational efficiencies by promoting wellbeing and prevention services.

As the effects of the pandemic continue to play out, market activity indicates commercial lines insurers are reprioritizing their tech-oriented projects, with some plans continuing to move forward while others have slowed down.

Not only is digital technology changing but so is the regulatory landscape. Some U.S. states have passed laws that will lead the insurance industry to take a fresh look at technology such as Bluetooth and navigation because they capture significant amounts of personal information from drivers and occupants.

New research highlights the evolving role of the insurance industry from reimbursements to incentivizing to reduce risk and prevent losses altogether.

In other news: Liberty Mutual launches insurance agency; Neptune Flood releases carbon-neutral plan; New York Life announces CEO-elect.

The acquisition is a win for Lemonade’s recently launched car insurance product. Metromile has a decade of driving data based on its usage-based model and it operates licenses in 49 states, all of which will be merged into a single company, if the deal goes through.

Arity, a mobility data and analytics company founded by Allstate in 2016, has made its nearly 100 million driving risk scores exclusively available on Transparent.ly, a platform for auto insurance marketers to leverage leads and target shoppers.

In other news: AgentSync acquires Finvera; Cart.com teams up with Extend; SkyWatch launches usage-based insurance with Global Aerospace.

Nationwide’s Sarah Jacobs, vice president of personal lines product development, spoke with Digital Insurance about a recent survey on smart home devices and the future of IoT at Nationwide.

Tesla jumped as much as 6.7% to a record high of $970.84 in New York, before paring gains to 4.4%, with the company’s market valuation around $955 billion.