With the ECJ’s (European Court of Justice) new gender ruling released last week, the motor insurance industry has no choice but to change its strategy for evaluating risk.
For a traditional industry, the idea of disrupting the ‘tried and tested’ underwriting process will be no easy task. However, the answer to this dilemma is already on the market and already a profitable industry in many parts of Europe and the world: Telematics.
It has been generally agreed that the best way to accurately calculate risk is to do so on an individual basis, to ensure that a premium is an accurate representation of its holder. For several years now, Telematics has offered the industry the capability to do this. By recording metrics from the car about how far it is driven, where and when it is driven, as well data about driver behaviour, premiums can be developed with the greatest of accuracy.
On top of this, drivers can be incentivised to behave in a safer manner and reduce their premium, thereby positively impacting driver safety, community road usage and fraudulent claims.
So, if the answer seems so simple, what is the problem? This is going to be a change to a traditional market that cannot happen without intricate interaction between the insurance and telematics industries.
Insurance Telematics Europe 2011 will bring together industry executives and thought leaders to allow you to learn about the latest business model solutions and cutting-edge technologies! An independently researched program and a world renowned collection of over 30 expert speakers will ensure your business is fully prepared for the emerging new-era of insurance telematics.
Insurance Telematics Europe is the first and only event to provide an in-depth analysis about this exciting market, so put the date in your diary now!
Expert speakers from AVIVA, Generali, Allianz, Groupama, Viasat and Octo Telematics will discuss:
– Key findings and lessons learnt from the game-changing Norwich Union project- How to accelerate the adoption of Insurance Telematics using value added services
– How to prepare for the smartphone led revolution and transform the insurance business case
– Methods to transform your data into tangible information to aid actuarial models
For the complete Insurance Telematics Europe 2011 conference program and speaker line-up, access the e-brochure at http://www.telematicsupdate.com/insurance-telematics-eu/download-brochure.shtml, or, contact the Telematics Update team at firstname.lastname@example.org
Review pricing and register: via the secure link: https://secure.telematicsupdate.com/insurance-telematics-eu/register.shtml
After our ground-breaking Insurance Telematics US 2010 event, Mike Slatterly, Liberty Mutual said, ‘This event will become the essential annual conference to stay connected within insurance telematics.”
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