Insurers are recognizing the importance of rates to get the US and Canada markets. But this requires a combination of product features.
Something seriously required in favor of insurance policy holders in the United States and Canada. UBI adoption is growing at a frenetic pace in North America, according to figures BI Research. Market watchers are keenly monitoring the growth of auto insurance and the factors that can cause challenges insurance industry. Figures show a rosy picture. Telematics-based insurance growth increased from 4.1% in 2015 to 6% in 2016 in North America. Growth is mounted to 19.2% in 2019. What is the role of telematics equipment expertise in emerging markets reached? Get discounts increase subscriber base? Is there a pitfall? Let us examine.
Insurers are constantly on the lookout for cost effective ways to do business with telematics. But convincing policyholders appear to be their challenge. Yesterday know how Passe with new and advanced knowledge developed in front of the UT. Data collection and customer engagement hold the key to success in the wired world today. Aspirin policyholders can be convinced insurance companies with advanced technologies such as: Driving data capture, direct marketing channels, roadside assistance (NSD Partner), Geo analytics and gamification to name a few. Millennial and Gen Z are technophile demographics telematic equipment market.
Technical measures will reduce risks and discounts are cost reduction. If both factors are combined marketing is easier. At this point the analyst is to take a balanced view. Donald Light director of Celent research and consulting firm, believes that the combination of both discounts and surcharges can provide a bright future for Telematics in Canada. He was their vision of the “Insurance Telematics Canada 2016” in Toronto. We all surcharges are additional premiums for risky driving behavior. Light and suggest this to change driver perception of their driving.
What the perception of Light wants to change? People pay a price for goods or services on their perception of quality. The same theory is applicable to human perception towards driving. If a man thinks he is a ‘better driver “and not including the driver that he is in fact, encourage them to implement telematics mobile app to take advantage of discounts will be challenging. Due to the self-esteem of his preventing promote driving behavior and adopt drive score as the ultimate criteria to improve his driving. It is at this stage only the education needed to change perceptions.
very purpose Ubi is to reward the contribution of drivers on criteria such as speed, acceleration, use the phone, etc. Great part of the population is mobile and it makes sense to implement telematics mobile app on their mobile devices to reduce accidents and earning drive score to take advantage of the policy premium rates. Education is needed to change the wrong perception of drivers taking Wherever reasonable and understand what standard driving behavior.
Education should be extended to ensure that network security telematics mobile apps are also prone to cyber attacks. This should be viewed in a context where 60% of cars and trucks are going to be connected to the network by 2017. This means tailored telematics service should address cyber security issues also to gain greater acceptance in the market.
Switching to telematics is a good choice; it is also promising for the company which wants to expand its scope. Advanced technical features, discounts drive scorecards plus extra for confused the driving behavior can increase recognition of mobile telematics thus attracting new mobile subscribers. If these issues are addressed, insurance marketing becomes easy.