As of December 2012, insurers in the EU will be prohibited from using gender as a rating factor in motor insurance. It is possible that other long established rating factors will also change, such as age and property location. An analysis by the Labour Party UK, found that female drivers could be hit with up to £362 in extra premium costs once the gender ban comes into force on 21 December 2012.
Research by Telematics Update shows that vehicle telematics offers the opportunity for individuals to be assessed on a case-by-case basis, rather than being categorized by gender, age or location. There is no doubt that standardisation of telematics data will make it much easier for customers to shop around and switch insurance providers, whilst retaining a lowered premium. Sharing telemetric data-based-risk calculations will make this a possibility. Reports suggest that the uptake of telematics car insurance policies is expected to increase from the current level of almost 200,000 to as many as five million over the next two years.
“Whilst telematics is not new to the insurance industry I think we have reached the tipping point, and with the number of disparate organisations competing to grab a share of the market opportunity, I think we will see some real innovation.” – Manjit Rana , Founder and Director of Ingenin.
It is critical for telematics providers to understand how insurers, automakers, the government and tier one technology suppliers visualise business models, technology and strategy developments in this field to design products and timelines in-line with current trends.
Telematics Update’s Insurance Telematics EU 2012 Conference will bring together these decision makers, allowing key players in the value chain to gain insights into different strategies and capitalise on the new legislation.
Here are a few features of the conference:
– Learn how you can capitalise on the insurance telematics boom with expert speakers from Zurich, AVIVA, insurethebox, Direct Line and Mercedes Benz Bank
– Learn how to harness and utilise driver data to deliver highly tailored and targeted solutions to build your business model
– Meet with 300+ executives (including Insurers, OEMs, Tier 1s and TSPs amongst other key players) during the structured networking sessions to secure crucial partnerships
For more information go to: http://www.telematicsupdate.com/insurance-telematics-eu/
Or contact:
Shreya Ganapathy
Project Director |Telematics Update
P: +44 20 7375 7150
E: sganapathy@telematicsupdate.com
