Drivers are starting to prefer policy pricing based on their behavior, but fear privacy issues. How will GDPR impact telematics?

Expanding telematics to consumers through smartphones can be the answer to insurers' mounting underwriting losses while supporting efforts by carriers to price risk more accurately, showed a recent consumer study from Cambridge Mobile Telematics.

The report, published in November last year by the American company and quoted by dig-in.com, indicates that car owners are actually starting to prefer companies to determine premiums based on driver behavior: of the 718 drivers surveyed, 73% agreed with this sentiment. By contrast, only 4% viewed gender, age, marital status and credit score as the most effective tools to price risk.

However, consumer are concerned about their privacy: about half of all respondents selected security concerns as main the reason holding them back from telematics-based insurance policies. Overall, 85% of drivers expressed interest in signing up for a telematics programs, if offered assurances that private information won't be misused, that the program succeeds in making them safer drivers (18%) and helps them monitor the driving habits of family members.

With GDPR "looming" on the horizon, the future of technologies like telematics, AI and Blockchain becomes, if not uncertain, at least more challenging. How European insurers plan to adapt the modern technologies to the changing legal system is one of the topics analyzed, on 16 March, at "IIF 2018 - MOTOR INSURANCE - the innovation challenge".

The event, taking place in Vienna, Austria, at the Bristol Hotel, focuses on the motor insurance segment and today's wave of change brought by digitalization and innovations, considered one of the most powerful in this industry's history.  

The debates will also center on other important topics, including:

  • How have the SECEE motor insurance markets in review fared in 2017?
    • Profitability - the top issue
    • Pricing - a matter of discontent?
    • Dealing with the ageing car fleets - how should insurers adapt?
    • Road carriers and insurers: top issues of a challenging relationship
  • Current status and future challenges in the Green Card system
    • Current status and main present challenges
    • Estimated impact of the latest technological developments  (for example - semi-autonomous or self-driving cars etc)
    • e-Call and the Green Card system - benefits and challenges
  • Technology in support to better services and operational efficiency
    • Digitalization - the bridge to the next generations of customers
    • Reducing costs and saving time - efficient use of technology in the claims settlement activity
    • Using technology to establish a long term partnership with customers

More details about the event are available here.

​​​​​​​Register now!

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

AIG Life Limited (UK) announces the appointment of a new CEO

AIG Life Limited (UK) announced the appointment of Philip WILLCOCK - the former CEO of AVIVA's Indonesian and Italian ventures - as CEO, subject to regulatory approval, effective March 1, 2019. He will be based in London and will report to Adam WINSLOW, CEO, International, Life & Retirement.

2018-12-13

Five CEE re/insurers have an "A" rating from A.M. Best

Among the re/insurance companies rated by A.M.Best there are 23 entities domiciled in the CEE, SEE and CIS regions. Out of this total, 5 companies have an "a" Issuer Credit Rating (ICR) and an "A" Financial Strength Rating (FSR)

2018-12-06

A.M. Best announces ESMA registration for new Amsterdam office

A.M. Best has announced that it has been registered as a credit rating agency (CRA) by the European Securities and Markets Authority (ESMA) to provide ratings through its new subsidiary, A.M. Best (EU) Rating Services B.V., based in Amsterdam, the Netherlands.

2018-12-06

The CEE real estate market - increasing demand for title insurance

"Fifteen years after its introduction, title insurance continues to play a growing role in the CEE real estate market," Jean-Bernard WURM, Co-Founder & Managing Director of Secure Legal Title, London said talking to Property Forum about the trends in the CEE region's real estate sector.

2018-11-29

ON THE MOVE

AIG Life Limited (UK) announces the appointment of a new CEO

AIG Life Limited (UK) announced the appointment of Philip WILLCOCK - the former CEO of AVIVA's Indonesian and Italian ventures - as CEO, subject to regulatory approval, effective March 1, 2019. He will be based in London and will report to Adam WINSLOW, CEO, International, Life & Retirement.

13.12.2018

Sylva de FLUITER takes over as head of UNIQA Re AG

Sylva de FLUITER will take over as head of UNIQA Re AG in Zurich as of 1 January 2019, the Austrian group announced. Until year end she will work hand in hand with long-time Managing Director Hans Uwe MULLER, who will retire after 14 years at UNIQA Re.

12.12.2018

MERCER to name Bala VISWANATHAN Chief Operating Officer

MERCER, the consulting subsidiary of MMC - Marsh & McLennan Companies, announced that Bala VISWANATHAN, CEO of Jardine Lloyd Thompson Group plc (JLT) UK & Ireland Employee Benefits, will join MERCER as Chief Operating Officer.

12.12.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all