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For anyone who has recently renewed a personal auto insurance policy, the premiums can be eye-popping. For companies with commercial auto fleets, the annual premium increases can be even more staggering. Telematics has emerged as an intriguing option that may offer some relief. Check out this blog by our own Chris DiDonato!

Yes it's time to revitalize Auto insurance, and that can only happen through the better use of #telematics data. ⁣ ⁣ According to this article, co-signed by Matteo Carbone, "4 major issues need to be solved to unlock the full potential of telematics:⁣ ⁣ 𝟭. 𝗔𝗴𝗲𝗻𝘁𝘀 𝗮𝗿𝗲𝗻’𝘁 𝗮𝗻𝗱 𝗰𝗮𝗻'𝘁 𝗯𝗲 𝗨𝗕𝗜 𝗽𝗿𝗼𝗺𝗼𝘁𝗲𝗿𝘀. Their income is a commission on premium: Would you be excited as an agent to sell a product where the only communicated benefit is the potential to reduce insurance premium - and also agent income - by 30% or even more? At the same time, there are many friction points around “selling” a telematics program to new policyholders.⁣ ⁣ 𝟮. 𝗔𝗰𝗰𝘂𝗿𝗮𝘁𝗲 𝗺𝗮𝘁𝗰𝗵 𝗯𝗲𝘁𝘄𝗲𝗲𝗻 𝗿𝗶𝘀𝗸𝘀 𝗮𝗻𝗱 𝗿𝗮𝘁𝗲𝘀 only happens at policy renewal after a monitoring period.⁣ ⁣ 𝟯. 𝗗𝗮𝘁𝗮 𝗶𝘀 𝗺𝗼𝘀𝘁𝗹𝘆 𝘂𝘀𝗲𝗱 𝘁𝗼 𝗲𝘃𝗮𝗹𝘂𝗮𝘁𝗲 𝗿𝗶𝘀𝗸𝘀 instead of also helping to reduce them.⁣ ⁣ 𝟰. 𝗧𝗲𝗹𝗲𝗺𝗮𝘁𝗶𝗰𝘀 𝗵𝗮𝘀 𝗯𝗲𝗲𝗻 𝘂𝘀𝗲𝗱 𝗼𝗻𝗹𝘆 𝗳𝗼𝗿 𝗻𝗲𝘄 𝗽𝗼𝗹𝗶𝗰𝘆𝗵𝗼𝗹𝗱𝗲𝗿𝘀, versus also offered to a carrier’s existing book of business (limiting by design the number of risks that can be addressed with this innovation). ⁣" ⁣ 🎯Insurers need to master the usage of telematics data across the insurance value chain and the policy lifecycle, so that they gain the capability to offer the lowest possible premiums to each policyholder.

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