A lack of newly introduced telematics programs for usage-based insurance has caused a major slowdown in the market’s progression in North America, according to a new report from industry-research firm Strategy Meets Action.
In its study, “Telematics in P&C Insurance; The Need to Move Beyond Pricing”, SMA cited regulatory uncertainty and slowed adoption of programs by customers as key reasons for the fall off. Most notably, however, mid-sized carriers are showing little interest in entering the market, says SMA Partner Mark Breading. Tier one insurers are carrying the water for the entire industry.
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