Insurance telematics likely will go mainstream within five years, will have a medium-to-large impact on the auto-insurance market, and even though privacy concerns remain an obstacle, consumers are willing to have telematics devices installed in their cars if they can save enough on insurance, according to a recent survey.
Telematics Update surveyed 270 insurance telematics-focused executives, including respondents at insurers, telematics-service providers, consultant firms, telecommunications companies, software developers and others.
Of the 83 respondents asked by Telematics Update in August 2012 about when telematics will go mainstream for insurance, 52 percent said within three to five years and 27 percent said within three years. Twenty-one percent replied between five and ten years.
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