Only insurers with digital capabilities will be able to attract the large number of customers who are set to leave their less farsighted providers.
(PRWEB) March 04, 2014
According to a study by Accenture, 35% of insurance customers would be happy to give businesses access to data that determines how they behave, if it meant better value insurance coverage. The challenge at the moment is making consumers comfortable with exchanging their data, something that can be achieved through transparent messaging surrounding data usage and discount expectations so that a consumer-insurer relationship based on trust is created.
According to a study by Accenture, 35% of insurance customers would be happy to give businesses access to data that determines how they behave, if it meant better value insurance coverage. The challenge at the moment is making consumers comfortable with exchanging their data, something that can be achieved through transparent messaging surrounding data usage and discount expectations so that a consumer-insurer relationship based on trust is created. In Canada, the technology to facilitate usage based insurance is pretty much there, and Michael Lyman of Accenture acknowledges, “Only insurers with digital capabilities will be able to attract the large number of customers who are set to leave their less farsighted providers”. This serves as a clear warning to sections of the insurance community who are slower off the mark as market share will inevitably be lost.
Having covered the progress of the Canadian P&C market over the last year, Gareth Ragg, Project Director at Telematics Update, stated, “This is a serious concern for insurance carriers, brokers and associations – if they do not prepare for insurance telematics in Canada, they run a serious risk of being left behind competing for old ground that is shrinking”. He continued, “Insurance carriers need to look at this from all angles – the technology, firstly, then how do I market this to my segments etc…how do I make this enterprise-wise”.
With interest in UBI growing quickly, there has been no better time to discuss how the auto-insurance ecosystem comes together with telematics service providers to produce the insurance products that consumers want. At Insurance Telematics Canada 2014 (May 28-29) major insurers such as RSA Group, The Co-operators, Desjardins and Zurich will discuss the future of the auto insurance industry with tech experts such as iMetrik, IMS, Octo and CGI. There, for the first time, Canadian-specific trends and challenges surrounding insurance telematics will be addressed and delegates will have the chance to meet other influential parts of the value chain in the form of C-level execs from mobile network operators, data aggregators and of course, regulators.
For the complete Insurance Telematics Canada 2014 Conference programme and speaker line-up, visit http://www.telematicsupdate.com/insurance-telematics-canada/.
Over 30 industry-leading speakers at the 2014 Conference
The Conference programme and speaker line-up has just been announced. The C-level representatives that will address conference delegates in May include:
- Bruce Green, Senior Manager - Rates and Classifications -Financial Services Commission of Ontario
- Angelique Magi, Vice President- Strategic Initiatives, The Guarantee Company of North America
- Paul Mlodzik, VP - Marketing and Communications, The Co-operators
- Vincent Pavero, Director, Products & Innovation, iMetrik
- Hans Gantzkow, Senior Architect, Centre for Study of Insurance Operations
- Steve Livingstone, Vice President – Telematics, RSA Group
- Blair Currie, Vice President Business Development, IMS
- Matthew Turack, Vice President – Insurance, Canadian Automobile Association
- Clive Thomson, National Transportation Portfolio Executive, Zurich Canada
- Mark Prefontaine, Superintendent of Pensions, Insurance, and Financial Institutions, Alberta Treasury Board and Finance
The fuller speaker-line up of over 30 industry leading speakers has been released this week on the website: http://www.telematicsupdate.com/insurance-telematics-canada/conference-speakers.php/
The most talked-about topics within Canadian insurance telematics will be discussed:
- The most up-to-date information on regulations
- How to make the most of the data goldmine
- The potential for brokers and direct writers
- The telematics business case
- Discover the potential of Value-Added Services
With 30+ senior-level speakers, 16+ sessions and attended by 150+ delegates, this year’s event will embody the breakthrough that the Canadian insurance telematics market will make and needs to be high up on all forward looking insurance execs’ agenda.
Of our US sister show, Liberty Mutual commented, “This event will become the essential annual conference to stay connected within insurance telematics”.
For the complete Insurance Telematics Canada 2014 conference programme and speaker line-up, access the e-brochure at http://www.telematicsupdate.com/insurance-telematics-canada/conference-event-brochure.php or contact the Telematics Update team at insurancecanada(at)telematicsupdate(dot)com.
Register before Friday, 7th March via the secure link below to take advantage of a huge $300 CAD saving on all conference passes: https://secure.telematicsupdate.com/insurance-telematics-canada/register.php
About Telematics Update:
Telematics Update Conferences are the most prestigious in the industry. We produce the largest telematics events in North America, Europe & Asia, and attract the most influential speakers providing a rich environment for establishing strategic relationships and networking.
Project Director | Telematics Update
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