Telematics Update: With an estimated 5 million vehicles in the US to be covered under a usage based insurance policy by the close of 2013, it is fair to say that Insurance telematics is at a seminal moment. Carriers are looking to get into the UBI space quicker than ever before and become a part of the action, although there is one key decision they must make.
What is the best way to approach UBI?
This debate is equally as relevant to newcomers as it is to established players in the UBI industry. The crux of the debate is business models. There is a dichotomy, which some may see as a type of evolution, where by business models either focus on a pricing initiative or a value added service model. The consensus of experts in the industry is that the pricing model is beginning to become commoditized and so insurers are looking to create product differentiation through providing complimentary UBI services, such as breakdown cover and gamification options. The range of stakeholders is staggering, giving rise to both great innovation but also posing sizeable obstacles to growth.
Pete Frey of American Family stated: “UBI and Telematics has moved from a niche concept to a strategic necessity in our industry. In some shape or form, it is here to stay. It is also evolving rapidly. Blink, and a new opportunity presents itself. It is exciting, but can be sometimes overwhelming.”
Insurers entering the market seem prepared to take the advice and expertise of telematics professions. Now is the perfect time in the evolution of this industry for knowledge to be shared, partnerships to be created and ROI to be achieved.
The Insurance Telematics USA 2013 Conference & Exhibition will bring together executives and thought leaders to allow delegates to learn about the potential business model solutions and maximise on emerging partnership and networking opportunities. An independently researched program and a world renowned collection of over 60 expert speakers will outline how insurance and telematics professionals can prepare their businesses for the 2014 booming UBI market.
60+ Insurance Telematics experts will share their knowledge on:
• The evolving business model debate of pricing vs. value-added services
• Major Intellectual Property and Data Privacy Issues
• Understanding how to effectively manage huge volumes of granular data
• Advancing the development of UBI in the fleet lines
• Promoting a UBI program through savvy marketing techniques
The conference will offer the chance for partner relationships to initiate by bringing together industry leaders from Progressive, Ford, AAA, Plymouth Rock, American Family, The Hartford, Towers Watson, Sprint, eSurance, NAIC, Zurich, Google, The US Dept. of Transportation, Plymouth Rock, Liberty Mutual amongst other thought-leaders.
Register today to join 700+ senior delegates via the secure link: secure.telematicsupdate.com/insurance-telematics/register.php
Project Director | Telematics Update
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