Telematics

The 125-year-old, $300 billion U.S. auto insurance industry is caught between runaway inflation and strained consumer wallets.

These technology trends will reshape the way insurance companies operate, interact with customers and mitigate risks.

The traditional "repair and replace" model is being challenged by one that uses sensors to "predict and prevent" losses from ever happening in the first place.

Root has backed away from its plans for telematics -- and suffered mightily -- while Progressive shows how much benefit there can be, when done right. 

Let's take a look at the current state of insurtech to see why you should focus your innovation efforts on the basics of the insurance business.

Insurers are becoming more adept at using telematics to differentiate their products, reduce risks and expenses and continue improving the policyholder experience.

Telematics can provide strategic value and returns on many levels in the insurance business. Here are six questions to ask to see if you can benefit.

Hard-pressed consumers are switching because they can save upwards of $200 to $300 per policy term every six to 12 months by switching to a telematics-based policy.