Dear friend,
According to the Mordor Intelligence Insurance Telematics Market report (2023-2028), the Insurance Telematics market is growing rapidly and is expected to grow globally at some 20% annually.
As per the report, the key drivers supporting the growth are the rising incorporation of IoT into passenger and commercial vehicles, the decreasing cost of technology, and the changing consumer behaviour.
While the market is expanding, insurance telematics is still a developing industry with varying levels of adoption among different regions. In Europe, insurers focus on enhancing customer engagement through telematics pilot programs, with Italy leading the way in adoption, accounting for almost half of all telematics-enabled policies.
This is an opportunity for companies in the industry to keep an eye on the market trends and explore the region's potential growth. At Adacta, we see a clear potential of telematics in the mobility ecosystem and the many benefits it can bring to both consumers as well as insurers, including:
- reduced claim-handling costs,
- tailored quoting,
- more accurate risk assessment,
- enriched claims contextualisation,
- improved fraud detection,
- increased retention rates,
- improved communication with customers,
- and more sales opportunities.
Last but not least, it will promote safer driving.
To deliver telematics-based solutions, we have partnered with Motion-S, a powerful mobility analytics platform provider, and developed a complete solution for behaviour-based motor insurance pricing. While Motion-S provides the data platform, including trip recording and data analysis, AdInsure enables the design and configuration of UBI-based products and the use of data across insurance processes. This allows insurers to drive informed decisions from premiums to risk assessment and claim approval.
Learn more about the advantages of telematics in the mobility ecosystem and take the first step towards adopting our innovative solutions in your insurance company.