Leverage insurance telematics for competitive advantage

Getting car owners to monitor their driving habits is what telematics facilitates. However, just adoption of insurance telematics to acquire new customers may not be adequate to gain competitive edge. A key challenge for auto insurers remains to be demonstrating differentiation in services. Good part is, auto insurers can achieve this with the help of data provided by telematics, such as offering value-additions, depicts an article published by Property Casualty 360.

Image Courtesy: warclimb/freeimages.com

Image Courtesy: warclimb/freeimages.com

Auto insurers need to use innovative concepts that measure the performance of policyholders and provide a means for better interaction. One such concept that promises to change the outlook of insurance is the gamification. Employing the gaming concepts with the help of insurance telematics may turn out to be a great way for the carriers to boost consumer loyalty and satisfaction. Gamification can include bestowing special rewards for good performance to individual and a group of policyholders. This can make the carrier-consumer relationship more interactive and gratifying. The regular incentives for driving behavior that prevents loss can be beneficial for insurers and insureds alike.

Telematics can provide endless opportunities for improved customer experience. The interactive value added services like reward points can lead to a better mutual relationship and increased customer loyalty.  Read the full article to learn how carriers can leverage insurance telematics to transcend the mundane discounting battles and gain competitive advantage.

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