Pop quiz: What’s the largest potential technological disrupter of the car insurance industry? (Besides The Zebra, of course.) Answer: telematics. We’ve written extensively on telematics before, but in case you need a refresher, telematics devices like Progressive’s Snapshot operate similar to the way an airplane’s black box does. “The gadget gathers second-by-second data about the car’s operation and allows an insurance company to offer lower prices for safe drivers,” explains Forbes contributor Adam Tanner. And this September, industry executives from major companies will gather in Chicago for the Insurance Telematics USA conference—we’re here with a full preview and what to expect from the event.
Insurance Telematics USA: The Conference
At The Insurance Telematics USA 2015 Conference & Exhibition (2-3 September, in Chicago) North America’s leading insurers will meet the connected car ecosystem to address the changing landscape of motor insurance. Insurance telematics experts from companies like Progressive, Ford, MAPFRE, Volkswagen, Zurich, American Family Insurance, Acord, PCI and The Hartford will discuss how streamlined claims and product diversification puts the consumer at the center of usage-based insurance (UBI) development.
The conference is set to be a big one: 800+ delegates, 70+ senior level speakers, 40+ UBI business presentations & panel discussions will cover 5 areas of: ‘The Consumer at the Heart of UBI Data’, ‘The Connected Car Disrupter’, ‘Insurance Telematics & Claims’, ‘Business Model & Tech Innovations’ and ‘Data Decisions & UBI’. For the past five years this has been North America’s largest gathering of insurance telematics professionals. Attendees can expect to network with executives and decision makers from the entire ecosystem including insurers, brokers, automakers, wireless carriers, telematics service providers and more.
Why Telematics and UBI Matter
The connected car is gaining more traction with automakers—so much so that nearly all new vehicles have some iteration of a connected offering in the vehicle. This has huge implications to car insurance companies as the data collected can be used to calculate risk. (Otherwise known as UBI.) This is the primary reason that 800+ senior figures will gather at The Insurance Telematics 2015 Conference & Exhibition.
Andrew Pym, TU Automotive’s research lead for insurance telematics, says, “It’s a highly interesting time in the motor insurance market. The leading insurers are developing new products and directly aligning with the automakers.”
Pym adds, “This opens up a treasure chest of data that they can work from. At the same time tech giants are entering the market and could soon be offering their own proprietary products based on the data that they hold. UBI products could soon look very different and have a lot of new players at the center of their development. This is why the entire industry heads to Chicago for The Insurance Telematics USA Conference, to understand this change and make the partnerships to ensure the future of their business.”