Expert: Many insurers pursuing telematics are in "planning mode"

04/4/2013 | PropertyCasualty360

A Strategy Meets Action survey found that 70% of auto insurers reported efforts to adopt telematics, although SMA's Mark Breading says that "most of those companies are in planning mode." Many insurers think that telematics data will be adopted by more than half of the auto market by the end of the decade, the survey found. "If a company stays out of the [telematics] market and wants to grow its auto business, it will need huge increases in market share in the traditional market. It is imperative that carriers find a way to make telematics work for them," says Richard Welch, co-author of the report.

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