The auto insurance industry has reached a critical juncture as more drivers are traveling more miles and are distracted by their phones while driving, leading to an increase in accidents and losses. As a result, claims frequency and severity have risen several years in a row. Early adopters of smartphone telematics and Behavior Based Insurance (BBI) programs have reaped benefits regarding risk assessment and accident reduction; however, some insurers have been hesitant to adopt BBI programs due to concerns about customer adoption, user satisfaction and ease of implementation.
Cambridge Mobile Telematics surveyed drivers to reveal data, commentary and insights on topics including:
- Consumer adoption and sentiment toward behavior-based telematics programs
- The impact of telematics on pricing policies and better transparency to consumers
- Using telematics to capture the lifetime customer value of millennials
- Leveraging telematics to improve customer retention, reduce claims and spark growth
- The key takeaways auto insurers need to know about BBI programs
Take a look at the full report for more insights.