Jerry’s Post

Holiday shopping is in full swing - not just for gifts, but also for better rates on #AutoInsurance 🛍️🚘 With record levels of shopping and switching, carriers need a better way to retain customers. Check out Henry Kowal’s article in Insurance Thought Leadership to learn how #telematics data can help: https://lnkd.in/dDrYEceu

We've all suspected but its confirmed. Attention drivers! Have you ever been tempted to buy a car because of all the cool gadgets it has? We all have! But have you considered the potential financial impact of those features? Our recent experience has shown us that the cost of insurance for cars with advanced features can be significantly higher than those without. What are your thoughts on this? Let's discuss in the comments below! #carinsurance #drivingtips #financialimpact

🚗 Reason 5 of 5 to use Driver Record Insight (DRI) ▶️ Improve Reputation with Carrier Partners Some carriers are more advantageous for drivers with clean records or drivers with more challenging records. By uncovering violations early, you can quote accurately the first time, preventing significant rate increases or declinations. #insuranceinsights #insurtech #autoinsurance

On the face of it this looks like a huge market opportunity and some welcome relief for younger and/or inexperienced drivers. Those of us in the industry know the statistics around young drivers and the claims costs. BUT if they are priced out of the market the numbers of uninsured drivers will mount. As an industry we don’t want uninsured drivers on the road, and we certainly don’t want to invest in a behaviour that could and probably would be carried into later life - driving without insurance. Anything that can allow younger drivers to gain experience, no claims bonus, prevent fronting and protect their parents/ carers no claims discount at an affordable cost is to be welcomed. Regular telematics driver feedback hints and tips will also be a bonus. Insurance Times Rory Yates Steve James EIS Ltd Ian Betley

The velocity of change in the auto insurance market is punching the accelerator. The transformation is happening as vehicles become smarter, connected and electrified—and sales of traditional, fuel-powered cars are projected to decline. Read how the future of auto is fueled by data, inspired by embedded, cognitively connected and more in InsuranceNewsNet.

Any Telematics industry report that omits Accident Response and Crash Detection is already outdated. #futureofinsurance #telematics #accidenresponse #crashdetection #autoinsurance #claims #fnol #triage

Cell phones are a major distraction on the road, leading to increased risks and claims. Telematics offers a solution. Learn how leveraging telematics can mitigate distracted driving and enhance risk assessment. Stay ahead of the curve in promoting safer roads and smarter insurance practices. #MEAA4U

You know you have a credit score. Did you know that you might also have a driver score? Driving scores are based on how often you slam on the brakes, speed, look at your phone or drive late at night — information that, likely without your knowing, can be collected by your car or by apps on your smartphone. That data is sold to brokers, who work with auto insurers. While you can see your credit score, you will have a harder time finding out what your driving score is. But auto insurance companies can get it — and that could affect the rate you pay. That’s not necessarily a bad thing: Experts say that basing premiums on how we actually drive — rather than on our credit scores and whether we’re married or went to college — could be a fairer system, and ultimately improve road safety. But this tracking will only lead to safer driving if people know that it is happening. My latest: https://lnkd.in/edG_Vh2F

Policy makers: Major car companies have been surreptitiously sharing (and likely profiting from) drivers data that is sold on to brokers like LexisNexis who sell it to car insurers who increase the driver’s premiums. This appears to occur without drivers’ knowledge as they use the car manufacturer internet services in their car. You can request a report from LexisNexis.

Kashmir Hill doing what Kashmir Hill does best—exposing how our privacy is sacrificed on the altar of convenience, false promises, and hidden T&Cs. Having worked in the insurance industry for a significant amount of time, I can safely attest that it rivals the AI sector in its insatiable hunger for granular personal data. The promise? Lower premium rates and better outcomes for all. But this comes at a significant cost to the essence of what insurance truly represents—a tool of social solidarity. It's about everyone pooling their resources to support those in need, not just optimising profits. And we need to wake up to this reality before it erodes both the foundation of social solidarity in insurance and our privacy.