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“Cost of living Increases, Insurance Telematics Booms”

By Martin Otter Global Insurance Stream Leader, OCTO Telematics

Around the world consumers and businesses are being hit by steep prices rises with some of the highest inflation rates seen in the last 40 years. ( Price increases in fuel, energy and food are hitting consumers hard and making them think carefully about how to reduce their everyday living costs.

At the same time, similar pressures apply to insurers with an increase in cost of vehicle repairs, shortages of parts and materials, and increased litigation of bodily injury claims pushing insurance prices above pre-pandemic levels. Insurers want to do their part to provide affordable quality coverage for auto insurance and PAYD or Pay Per Mile coverage is one way they can help.

According to a recent survey by Transunion, the percentage of consumers in the United States who are being offered a Telematics policy has risen from 32% to 40% and the percentage taking up such an offer has risen by 16 percentage points, the biggest growth in years. This is not just a US phenomenon, European markets including the UK are seeing a similar rise according to a study by GlobalData, in which telematic devices increased by 29% among young drivers between 2020 and 2021.

OCTO has a range of cost effective solutions to help insurers develop and operate PAYD or Pay Per Mile programs to help insurers play their part to make insurance more affordable. Using a data driven approach to insurance risk pricing, OCTO provide offers guidance to Insurers or fleet managers to either define a path to the adoption of telematics or improve an existing program, reducing time to market and risk of pitfalls.

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