At some point in our lives, we've all gotten lost when traveling an unfamiliar road. Perhaps you had trouble finding a new client's office. Or maybe on your last business trip your company sent you to one of the more, um, economical motels 15 miles out of town. I think it's fair to say that it's not a pleasant feeling to be without a heading — or even a landmark to orient yourself.
That's exactly how some in our industry feel about the emergence of telematics-based insurance data. Fortunately, Jim Weiss and Jared Smollik served as telematics cartographers in Verisk's recent web seminar Roadmap to Working with Telematics-Based Data. This session is a beginners’ guide that can help you reach your telematics-related goals.
Imagine a world where, as an auto insurer, you can get a stream of detailed event data that shows how your insured is driving, moment by moment. Or imagine a world where you know the kind of roads and neighborhoods where your insured typically drives on the way to work every day. And imagine you can work that data to individualize pricing. Suddenly that lost feeling is going away.
Just as drivers have GPS to help them find their way, insurers have telematics-based insurance data. And with an assist from Verisk’s web seminar on telematics, I think you’ll sleep a little more soundly at your cost-effective accommodations, knowing you have a good basic understanding of this vital topic.