A new Aite Group report examines how telematics systems create ways for carriers to control claims exposures and increase engagement.
Boston, August 12, 2020 — The commercial vehicle insurance market has been facing strong headwinds for the last few years and is finding it increasingly difficult to manage risk while controlling costs and improving customer interactions. Carriers have looked to telematics systems as a partner in this fight for many years, but technology advancements have created new opportunities for carriers to leverage these systems throughout their commercial vehicle segments. Global Commercial Vehicle Insurance: Why Insurers Need Telematics for Profit, the latest Aite Group report, identifies how telematics can help carriers grapple with increasing claims costs and expenses by providing intelligent claims support, reduced risk exposure, and rating consistency.
“Commercial vehicle insurance companies and telematics vendors must not only work together on current problems but also look to the future and monitor new entrants in the telematics space, new technology adoption patterns, changes in mobility, and regulatory issues,” states Greg Donaldson, senior analyst at Aite Group.
This report outlines key commercial insurance market trends and presents a telematics feature function roadmap. It discusses what lies ahead for the market and profiles 12 vendors: Amodo, Arity, Azuga, CMT, DriveQuant, IMS, OCTO, SpeedGauge, Telematicus, The Floow, Verisk, and Verizon Connect. This report’s analysis is based on 25 interviews of global telematics companies and other insurance industry executives and influencers conducted during Q1 and Q2 2020.
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About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.
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