Search
 

InsurTech Center

Analysis

The telematics advantage: driving data on the spot

What if an insurance company could reduce both the frequency and severity of auto accident claims?

By Dawn Mortimer | Updated on August 17, 2017
By having telematics data available for claims management, consumers and insurers alike could gain a better understanding of how to mitigate auto accidents. (Photo: iStock)

With Americans clocking more time behind the wheel than ever before, additional miles can be a challenge to auto insurers. How can insurers make a dent in accident frequency and severity, both of which are currently on the rise?

Data tells the story. Americans drove a combined 3.1 trillion miles over the 12 months through March 2016, with the average auto liability claim for property damage at $3,493 and bodily injury at $17,024, according to research from Verick Analytics. Not coincidentally, in 2015, the United States experienced the “highest one-year percentage increase in traffic deaths in half a century,” according to the National Safety Council. But what if an insurance company could reduce both the frequency and severity of claims?

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Complex Claims & Litigation Forum 2025Event

This conference aims to help insurers and litigators better manage complex claims and litigation.

Get More Information
 

Complex Claims & Litigation Forum 2025Event

This conference aims to help insurers and litigators better manage complex claims and litigation.

Get More Information
 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.