Global Market for Insurance Telematics is Forecast to Grow at A CAGR of 80.20%

Date: 2015-09-01

“• A significant number of insurers have opted for software-as-a-service (SaaS) cloud solutions to use in non-core functions such as financial management, human resource management systems, and customer relationship management. SaaS has the potential to support the full insurance business, but its use for core activities such as underwriting, fraud detection, claims and product development remains low. 

• Mobile technology can play a key role in helping insurers to manage claims, from helping customers to report first notifications of loss, to settlements. Mobile apps can be used to submit claims and required details, and allow customers to check claim statuses. Mobile devices’ integrated cameras enable customers to take and upload pictures when submitting claims.

• The global market for insurance telematics is forecast to grow at a compound annual growth rate (CAGR) of 80.20% over 2013–2018, to reach 85.5 million subscribers in 2018. Rapid technological advancements, such as mobile applications to track driving behavior, reduce the cost of implementing and operating insurance telematics.

• Wearable technology is set to transform the health insurance category. Insurers not only use wearable technology to assess risk using collected data, but also to create a new range of value-added services. Wearable technology also has the potential to help customers improve their health and detect abnormalities at an early stage.”

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