OLDWICK, N.J. -- (BUSINESS WIRE) -- In a webinar hosted by Best's Review magazine and sponsored by Teradata Corp., a team of technology and insurance experts will discuss the power of harnessing new telematics data sources and analytics to build competitive differentiation -- better pricing and profitable underwriting, greater customer segmentation, improved claims servicing, fraud and retention. The panel also will discuss how to structure a telematics/UBI program to select, measure and reduce risk as well as reduce claims, and how telematics technology will evolve and transform. The webinar is set for Wednesday, April 9 at 2 p.m. Eastern Time.
Register for the complimentary webinar at http://www.bestreview.com/webinars/telematics14.
Panelists for this webinar include:
For well over a decade, the insurance industry—with a few exceptions—has regarded usage-based insurance (UBI) through telematics with a mixture of curiosity and skepticism. Recently there has been a meaningful upsurge in interest and investment driven by rapid developments in technology and changes in attitude from both regulators and consumers. The potential benefit to an insurer of a UBI strategy is suddenly now much clearer than in the past.
With new data-driven business models, data captured will include a number of raw data elements for analysis of interest to insurers: OBD data from the vehicle (VIN, odometer, speed, RPM); GPS data (time, location, motion); and Accelerometers. Using this data enables analyses that can establish the utilization of the vehicle, and place those miles into the context of the road network to understand the driving environment and the drivers’ behavioral response to these elements. Additionally, by utilizing this data not simply as a source of raw information, but as a competitive, data-driven business advantage, offers the power to lift the insurer above parity by doing more of what matters most to insurers and customers.
The opportunities across the insurance value chain are numerous; better pricing will ultimately lead to more profitable underwriting, greater customer segmentation, improved claims servicing, fraud reduction, enhanced customer retention and cross-sell and up-sell efforts. Also, and importantly, customer feedback can create a better awareness of risk that can lead to a reduction in accident and fatality rates.
The event is sponsored by Teradata, which describes itself as a global leader in analytic data platforms, marketing and analytic applications, and consulting services. Visit them at http://www.teradata.com/industry-expertise/insurance/.
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