How Agents Can Help Their Policyholders Save Money
In 2019, research conducted by Cambridge Mobile Telematics (CMT) and Alix Partners revealed that 65 percent of consumers were aware of Usage-Based Insurance (UBI), but only 43 percent had ever been offered a policy.
In a webinar hosted by Dennis Frawley, VP of Global Sales & Strategic Development, called “The Telematics Moment: How to Help your Policyholders Right Now,” he addressed how agents can use their trusted position as advisors to help drivers looking for cost savings during economic disruption.
Consumers have been especially cost conscious given the COVID-19 pandemic, and car insurance is not immune to their pursuit of savings and value. In the webinar, Frawley contends policyholders looking for both price and value provides a unique opportunity: an increased demand for telematics. However, the consumers have to know the product, how it works, and the mechanics behind it. A key purpose of the webinar was to inform agents about telematics by promoting a Continuing Education course for credits toward license renewal.
The Alix Partners data shows a distinct disconnect between awareness and offerings. Only 10 percent of consumers with an understanding of telematics programs wouldn’t sign up when offered. That means nine out of 10 consumers could be considered “telematics approachable” with more information. Forty percent would be more willing to accept the products, provided that they offer price-and value-added opportunity.
But what role does the agent play? The agent is a trusted advisor in this process; one in three people currently participating in a program signed up because the agent recommended it. With an engaged consumer and an informed agent, CMT believes telematics policies will continue to grow.
CMT’s Continuing Education course “Personal Loss Control: How Telematics is Reducing Losses” can help close that gap between consumers and telematics programs. Agents can become experts in talking telematics and communicating all of its benefits to their customers, while receiving upwards of three credit hours. The course has been accepted in 48 states and Washington D.C., with Massachusetts and Hawaii pending approval.
To register for the course, click here!