The market for private motor insurance faces numerous long-term challenges. The relatively short purchasing cycles mean that motor insurance policies typically are renewed every 6-12 months. This contributes to the high churn rate, with fierce competition for the more profitable low-risk drivers in the more favourable geographies. The removal of gender as an underwriting factor (EC Gender Directive) is also having a major impact on premiums.
Profitability has been the main focus for many providers, with premiums considered too low and claims inflation increasing. The industry is attempting to rectify this by pushing through major increases in premium levels.
Consumers are now faced with a large number of insurance choices. It is essential for motor insurance providers to differentiate themselves rom the competition to attract new clients and also retain existing business. Telematics Usage Based Insurance provides a solution.
This event will bring together Motor Insurance Telematics professionals from across Europe, Russia/CIS and the Middle East to discuss the critical issues impacting this increasingly important solution for providing motor insurance services.
- Creating and distributing targeted insurance telematics solutions
- Boosting customer acceptance for an increased penetration level in insurance telematics
- Reinventing telematics as an integral part of an overall IoT ecosystem
- Does telematics work well for all car insurance markets and companies?
- Fast-developing smart phone technology to provide effective Usage-Based solutions
- Telematics solutions for improved motor insurance fraud mitigation and management
- Creating an outstanding customer experience through connected motor insurance
- Best-practice in motor insurance underwriting and improved accuracy of risk assessment
- An evaluation of what real time data can be available today through telematics solutions
- Innovative telematics solutions for advanced claims management
- From Big Data to Smart Data
- Developing and distributing Connected car insurance products
- Developing successful partnerships between insurance companies and telematics providers
- Successfully integrating car-related data into your motor insurance service offering