This year’s Insurance Telematics USA show (ably managed by the energetic Telematics Update team) reflected the quickly gathering momentum in this space, as 370 participants from insurance companies and vendors gathered at Chicago’s McCormick Place for the two day event. Speakers covered topics from business models and intellectual property to public-private partnerships and communications technologies. “This show was one of the more informative and well attended conferences this year,” said Jack Pierce, Business Development Director at Applus. “It provided details as to where the insurance telematics market is currently and offered insight in where it is going. I’m glad I went.”
Key takeaways:
- It’s early days yet. Pioneers in the insurance industry started work on the insurance telematics opportunity years ago, but technology, deployment and cost issues made for slow going. Today, leaders such as Progressive Insurance are starting to sign up tens of thousands of U.S. consumers a month, and their competitors are hustling to join the game before the self-selected pool of early-adopting low-risk drivers is creamed off. However, most insurers are still in the pilot stages, and participants reported a variety of deployment challenges as they seek to grow consumer adoption beyond today’s 1% rate. Speaking on a panel, Nino Tarantino, President of Octo Telematics, projected that 2015-16 will be the timeframe for mainstream availability of usage based insurance (UBI) in the U.S., which appeared to be a consensus view among leading practitioners….
Read the rest of the article on CVTA’s site.
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