Telematics Can Boost Efficiency, Reduce Claims Costs For Auto Insurers

As the car insurance industry struggles to cope with mounting claims costs, telematics could provide a tangible solution by creating a more proactive claims system. n an interview with Insurance Business, Jim Levendusky, vice president of telematics at Verisk Analytics, observed that the “claims process is very reactive.” Verisk is a New Jersey analytics firm that provides services to insurance firms, financial institutions and risk management providers among others. He said that currently, there is a lot of latency in the system which results in additional costs for the car insurer. By using telematics to streamline and expedite the claims process, he said that auto insurers can minimize the costs associated with claims.