Insurers and agents have diverging views about the impact of telematics and usage based insurance (UBI), and agents are decidedly more pessimistic, according to “Telematics/Usage-Based Insurance: Implications for Agents,” a research brief from Strategy Meets Action.
Half of all agents surveyed said it will be difficult to sell UBI; more than a third said they will need significant training, and as many said they expect agency market share to decline as a result of wider adoption of the technology. More than half, 53 percent, expect commissions would decline as a result of rising UBI sales. A quarter said UBI will be a source of growth.
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