When delegates meet at the Insurance Telematics Canada conference, experiences of launched and launching insurers will be shared so that the industry can better understand the business model considerations for usage based insurance.
(PRWEB) February 16, 2015
Within the traditionally conservative insurance industry, there is a digital revolution brewing. While many are investing to make themselves more visible on social media or on price comparison websites, others are piling their resources into the latest and most exciting technology affecting auto – usage based insurance (UBI). According to Towers Watson (TU-Automotive Webinar 11/02/15 - https://www.youtube.com/watch?v=Fs0xhbNRPwc), there are 4 insurers in Ontario and 3 in Quebec that are implementing UBI. Although there has been a flurry of activity from household names such as Intact, Desjardins and AVIVA, there still remains a large swathe of the market that is yet to embrace insurance telematics and a lot of movement in this space is expected in the next 12 months.
One of the current pain points for insurance carriers is the cost of implementing such a program. Dongles can cost as much as $200 apiece, plus there is substantial marketing, advertising and administrative costs to consider for a product. Jack Palmer, Project Director at TU-Automotive, commented “When delegates meet at the Insurance Telematics Canada conference, experiences of launched and launching insurers will be shared so that the industry can better understand the business model considerations for usage based insurance.” He continued, “In the near future, we may see regulations changing to allow surcharging or value-added services being added to the proposition.”
The Insurance Telematics Canada 2015 Conference & Exhibition (23rd-24 April 2015, Westin Prince Hotel, Toronto) will unite the emerging technical players of the UBI space with Canada’s biggest insurance carriers and brokers, making this a must-attend event to coincide with the recent rapid expansion of the industry.
For the conference program and speaker line-up, access the e-brochure at: http://1.tu-auto.com/LP=561 or contact the TU-Automotive team at insurancecanada(at)tu-auto(dot)com
For all the latest updates from Insurance Telematics Canada 2015, visit: http://www.tu-auto.com/insurance-telematics-canada/
Register by February 27 via the secure link below to take advantage of a $200 saving on all conference passes: http://www.tu-auto.com/insurance-telematics-canada/register.php
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