Last month, I attended Connected Car Insurance USA 2017 in Chicago with my Octo Telematics team. The show is always a sell-out event, and for good reason: It is the largest and most informative forum for executives from across the connected car and auto insurance industries.
There was plenty of lively discussion about the future of insurance and the impact of the Internet of Things (Iot) on the decisions insurers make today. Technology is the driving force in the evolution of insurance, and the future livelihood of insurance agencies. While existing tech is still valid for the market sector — take, for example, using OBD 2 adapters to remotely monitor driving behavior and car diagnostics — and is still used for specific projects or risk segments, the market is evolving to a new stage. Considering the mass market and penetration of smartphones, a new wave of insurers are using smart phones for usage-based insurance (UBI) — in some cases, the addition of sensors with higher quality, reliable data is also driving interest. For example, we saw a lot of interest in our recent launch of Glimpse Plus because it is a hybrid solution with smaller, cheaper sensors yet more reliable, high quality data than smartphone-only solutions.
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