Telematics

Root has backed away from its plans for telematics -- and suffered mightily -- while Progressive shows how much benefit there can be, when done right. 

Let's take a look at the current state of insurtech to see why you should focus your innovation efforts on the basics of the insurance business.

Insurers are becoming more adept at using telematics to differentiate their products, reduce risks and expenses and continue improving the policyholder experience.

Telematics can provide strategic value and returns on many levels in the insurance business. Here are six questions to ask to see if you can benefit.

Hard-pressed consumers are switching because they can save upwards of $200 to $300 per policy term every six to 12 months by switching to a telematics-based policy.

Telematics is becoming a necessary capability for dealing with the future of insurance, especially in auto, and capabilities will only grow from here. 

Traditional discussions of react, repair and replace are changing to predict, prevent and protect. Part of this transition has been supported by the IoT.

As much progress as the industry has seen in recent years, we can't categorize UBI participation as mainstream when only 22% of people reported being in a program.