Chicago — Technology-enabled programs could save auto insurers $20 billion in annual claims payouts, or 17% of personal lines auto insurance losses each year, according to a report from Chicago-based Diamond Management & Technology Consultants. Almost eight of 10 U.S. households are open to some kind of risk monitoring/reduction device that would collect information about their driving habits, it says.
Vehicle telematics, which uses sensing, processing and wireless technology, would deliver savings by reducing accidents, lowering legal costs, improving efficiency of claims processing, and decreasing fraud and theft, according to the report, “Cars and Trucks Are Talking: Why Insurers Should Listen.”
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