For the past few decades, mobility innovation has trended in one direction: empowering the individual consumer. Google Maps and GPS have made navigation simple and paper maps obsolete, while rideshare apps offer options that traditional taxi services could not.
Autonomous vehicles aren’t yet commonplace on the street, but experiments have logged millions of crashless miles. We’re living through the greatest change in general mobility since the invention of the jet engine.
Insurance has a traditionalist reputation; insurers often reassure customers by advertising that they’ve been in business for several decades or even for whole centuries.
The industry’s emphasis on past practice and proven traditions is admirable and necessary. But so is innovation, and we see insurers from every corner of the globe excited to build smart new products and programs based on new technologies.
Telematics, the practice of analyzing mobility data for special insights, can help solve some of insurance’s oldest problems.