Telematics for Pricing

“We see telematics as providing data for promoting more accurate risk and claims measurement, but also for providing more personalized customer service.” 

In a world of high customer expectations, there is no “one size fits all” when pricing auto insurance. Telematics can provide a competitive advantage when you offer Usage-Based Insurance, with such attractive options as Pay How You Drive (PHYD) and Pay As You Drive (PAYD). 

Employing Earnix’s telematics solution allows you to factor in key parameters that affect risk, such as speed, acceleration, braking, risky hours driving, trip duration, distractions, and road type. 

In this insightful presentation, Constantina Panayidou, Head of Actuarial Non-Life Pricing for Ergo Hellas, recounts how a strategic initiative to enhance pricing sophistication within her organization, including a  successful Earnix implementation, led to a pricing revamp of the Ergo Motor Line of Business.  

She recounts the practicalities she and her team have learned in overcoming challenges such as developing initial product pricing, obtaining customer buy-in, funding the needed resources, and ensuring that data privacy and security concerns are addressed. The future factors of electric vehicles (EVs), autonomous driving, and the Internet of Vehicles (IoV) provide additional food for thought. (For more on the next evolution in this arena, full Vehicle Telematics, see the presentation by Sharona Sagi later on Day Two.) 

Watch the full session to see how telematics can give your automotive insurance business a boost today.