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!

Related articles

Swiss Re completes public share buy-back programme 2017

Swiss Re announced that it has completed the 2017 public share buy-back programme of up to CHF 1.0 billion purchase value, authorised by the Annual General Meeting on 21 April 2017 and which it launched on 3 November 2017.

2018-02-21

ON THE MOVE

TOP EVENT

"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.

22.11.2017

photodune-3834701-laughing-girl-xs

"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.

14.11.2017

photodune-3834701-laughing-girl-xs

Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.

09.11.2017

photodune-3834701-laughing-girl-xs

The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!

26.10.2017

Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".

25.10.2017

Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.

24.10.2017

See all