How Much Can Telematics Help India Save on Car Insurance Costs?

How Much Can Telematics Help India Save on Car Insurance Costs?

Data and connectivity are fast becoming the currency and profit of the future. Organisations who can move fast will achieve competitive advantage in pricing and in processes. They will be able to use analytics and motor telematics programmes beyond just customer attraction, and deliver highly-valuable insurance products that attract the best risks, and mitigate against the worst risks.

As insurance markets worldwide mature, they tend to progress from asset-based risk coverage, to person-based, to usage-based insurance (UBI) programmes. But Indian motor underwriters will have a unique opportunity to skip a step of market evolution.

The fast advancements in technology and high adoption rates we’re seeing in India, have presented a potential opportunity for Indian motor insurers to take the leap from asset-based insurance (directly) to usage-based insurance.

Read more : https://blogs.lexisnexis.com/insurance-insights/2017/09/how-much-can-telematics-help-india-save-on-car-insurance-costs/