A Catalyst for Change
Author(s): |
Richard Welch, Guest Author |
Mark A. Breading, Partner |
Publication Date: November 30, 2012
Number of Pages: 11
Price: $995.00 USD
Any company with a stake in the personal auto insurance business must recognize that usage-based insurance (UBI) is a market disrupting force that will have a major impact over the next 10 years. This SMA Research Paper is the first in a series of reports that takes a comprehensive look at UBI programs in the market, plans for new UBI programs, opportunities and challenges facing insurers, and expectations for market evolution.
Based on a survey and extensive interviews, this paper provides insights into the following areas:
- The evolution of UBI in the North American market (why we are at a tipping point)
- The current state of the market (including insights on the features of programs in the market)
- Customer adoption and implications (hurdles to overcome for UBI to gain significant market share)
- Important market considerations (including patents, regulation, and loss experience)
- UBI directions (including the likely impact on insurers, channels, and consumers)
- Planning for the future (how insurers should plan to compete in the future UBI world)
This research paper will be valuable for personal lines auto insurers, agents/brokers, IT solution providers, and other industry participants. A companion report to this thought provoking paper will be published in the near future. It will include comprehensive and detailed research data and insights on many aspects of UBI.
Table of Contents
- Usage- Based Insurance Evolution 3
- Where is the Market Now? 4
- Customer Adoption and Implications 5
- Additional Market Considerations 6
- Where is the Market Going? 7
- SMA Call to Action 10
- About Strategy Meets Action 11
