Telematics

Usage-based pricing is a fascinating topic for insurers, with great potential. The potential, however, is not yet the reality.

Driverless cars are unlikely to change everything in just 10 years, or even in 20. And with 10 to 20 years, auto insurers have time to adapt.

The one technology that is both the most opportunistic and the most misunderstood, is the Internet of Things (IoT) for smart homes.

In theory, there are benefits from reading vehicle data and being connected to the car, but the reality has proven massively different.

New and perhaps unforeseen risks are likely to emerge, including significantly increased cyber-exposures and the potential for mega-accidents.

This isn’t just about pricing; as an industry we are barely scratching the surface of this massive opportunity.

The essence of insurance hasn't changed since its origin in 1347, but technology provides “superpowers” to do the same things much better.

Two award winners exemplify how the use of technology like telematics and artificial intelligence is maturing in the insurance industry.