Sensor-based hardware is providing insurers with another option to capture valuable information for processing claims following an accident. (Photo: Syda Productions/Shutterstock)
Since its introduction to the world, insurance telematics technology has been closely linked to the advancement and adoption of usage-based insurance (UBI), and with good reason. UBI simply wouldn't exist without telematics, but the knife doesn't cut both ways.
With the global telematics solutions market estimated at around $30 billion today with growth up to approximately $60 billion projected by 2025, even companies like Verizon and Tesla see the potential. As new UBI-independent telematics use cases continue to emerge; however, the opportunities for insurers to improve the claims process and use telematics to digitally connect to the customer stand out.
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