Blog | Connected Insurance

Telematics Insurance: How to Get Started in Europe

July 21, 2022

In Q1 2022 in the US, Telematics adoption jumped 30%. The number of customers that were offered a telematics policy rose from 32% to 40% and the number who opted in rose from 49% to 65%. Clearly a demonstration that the 2-year acceleration trend that we have seen in the US market is only strengthening. Meanwhile in Europe, only half of the top 10 insurers -outside Italy- even have a telematics offering. Too many still believe the opportunity is unclear and the technology immature.

In fact all the signs are pointing to rapid growth in awareness and appetite from the drivers as well as from the insurers. We run consumer surveys for the last 3 years to identify the evolution of the European market potential. In our latest edition, out this week, we found that 65% of drivers in Europe would say yes to UBI if proposed. This is curiously on par with the latest numbers from the US.

More surprising, 66% of French drivers would also be interested in UBI if it was available.

France is today the last on the list in terms of UBI penetration but the fastest growth is not coming from the UK, it is found in Germany where the million “Telematik Tarif” mark is expected to be reached this year. In part, this is because 7 of the top 10 insurers have a program, but also because like in many other markets, Telematics is now for all drivers, not just the riskiest.

In our latest report on the European Connected Insurance market, you will find statistics on premiums, consumer demand, offer types and model options. You will also find feedback and case studies from insurers running successful programs as well as key information to start your own.

In our latest report on the European Connected Insurance market, you will learn how insurers are successfully deploying telematics insurance. This includes measuring the benefits their drivers are getting but also identifying the impact of telematics on pricing, retention and claims costs.

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