http://news.yahoo.com/telematics-updates-report-future-insurance-telematics-smart-vehicle-094208521.html
Telematics Update's Report- 'The Future for Insurance Telematics: Smart Vehicle Technology'
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On 8th-9th September the industry’s thought leaders; including PwC, Allstate Insurance Company, Numerex and Octo Telematics, gathered at Telematics Update's Insurance Telematics USA 2011, focused Conference & Expo, Chicago, USA.
London, United Kingdom (PRWEB) September 14, 2011
The conference marked a progressively more lucrative insurance telematics market for automakers, insurers and suppliers.London, United Kingdom (PRWEB) September 14, 2011
Oren Steinberg, VP of Business Development at Sensomatix notes the distinct change in the Industry. “Technology is evolving a new generation of insurance products that make economic sense. Viable business models will emerge based on these new capabilities.”
David MacNamara, ex multi-media and infotainment manager at Ford, exemplifies how the Industry is changing. “We can expect the insurers and Vehicle OEMs to cooperate to bring UBI to about 30-50% of all vehicles between 2015 and 2020.”
It is very interesting to think that business models within insurance may change based on the evolution of technology. Just like other emerging technologies like facial recognition and cloud computing, UBI or usage-based insurance brings up issues such a security and legislators are already on the case. Companies are looking for increased customer acceptance before fully penetrating the market. Some sources credit sixty percent of the U.S. personal auto insurance market to be covered by insurers that provide some sort of UBI program.
One of the big issues around this technology is the data. Insurers who get to this data, and analyze it will increase risk knowledge bases extremely. They will be able to price and underwrite more successfully with the increased knowledge. This is creating a huge need for business intelligence. As this technology continues to gain traction, I am interested to see what the market response will be. Will most of the market accept it, or will it prove to be a detraction in the insurance industry? Will there be tougher regulation on how insurance companies can use the data to analyze risk? With so much more data, will there be more of a need for analysts, thus creating more jobs in the economy?
It is very interesting to think that business models within insurance may change based on the evolution of technology. Just like other emerging technologies like facial recognition and cloud computing, UBI or usage-based insurance brings up issues such a security and legislators are already on the case. Companies are looking for increased customer acceptance before fully penetrating the market. Some sources credit sixty percent of the U.S. personal auto insurance market to be covered by insurers that provide some sort of UBI program.
One of the big issues around this technology is the data. Insurers who get to this data, and analyze it will increase risk knowledge bases extremely. They will be able to price and underwrite more successfully with the increased knowledge. This is creating a huge need for business intelligence. As this technology continues to gain traction, I am interested to see what the market response will be. Will most of the market accept it, or will it prove to be a detraction in the insurance industry? Will there be tougher regulation on how insurance companies can use the data to analyze risk? With so much more data, will there be more of a need for analysts, thus creating more jobs in the economy?
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