Real-world driving data from connected cars is both a treasure trove and a minefield for auto insurers. Big banks’ efforts to deal with financial technology challengers offer some useful lessons.
The volume of so-called telematic driving data, whether from mobile phone apps, dongles, in-car sensors or aftermarket blackboxes, is ballooning. This enables much more accurate predictions of risks and claims than traditional ZIP Code data, making it highly valuable for insurers as well as empowering new competitors.
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30 Nov 2020