80% of consumers are willing to download telematics apps … How are you taking advantage of this trend?

Smartphones have become part of the way we live … And drive.  By 2017, more than 33% of the world will have smartphones.  Mobility and usage based insurance (UBI) are converging to deliver better options for insurance customers and greater, lower cost opportunities to segment and engage drivers based upon their actual driving behaviors.  According to a Towers Watson survey, 80% of smartphone owners said it’s acceptable to download apps onto their phones that would track their driving.

Google’s and Apple’s investments in both connected car and smartphones are driving down the costs of telematics systems and accelerating the market move toward mobile UBI as highlighted in a recent article, How Will Google, Apple Shake Up Car Insurance Industry?

 

Companies are quickly realizing that if they aren’t paying attention to telematics and mobile UBI, in particular, they’ll be left behind.  Allstate is also making investments and “began testing a smartphone app called Drivewise Mobile, which is available in 19 states and Washington, D.C., but not Illinois … We will continue to expand that footprint in 2015,” said company spokesman Justin Herndon.

 

“Smartphones are reshaping the ways companies engage with consumers about driving behaviors.  Whether it’s a dynamic rewards program customized for specific consumer segments or tapping into social channels through gamification, there is a real opportunity to embed telematics into a device that has already become a part of people’s lifestyles,” Steve McKay, DriveFactor CEO.

 

Connect with us if you want to talk more about consumer-driven telematics.
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