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Addressing Drivers’ Telematics Concerns Key to Cashing in on ‘Latent Demand’

Auto-insurance consumers are at once interested in and largely not purchasing usage-based insurance products. Why?

By Phil Gusman | Updated on September 10, 2013

Auto-insurance consumers are at once interested in and largely not purchasing usage-based insurance products, posing a dilemma for personal-lines insurers who appear rightfully convinced that a market for these products exists, if only they could find the right way to tap into it.

Glenn M. Renwick, CEO of Progressive, outlined the struggle in his second-quarter-earnings conference call last month. Renwick told analysts, “I will tell you that getting consumers to engage in a product that, for the most part, they were never asked to engage in…it’s a bigger burden than, I think, intellectually, many of us might have assumed.”

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