Making the business case for a new technology may be the greatest challenge insurers face when they begin exploring insurtech initiatives. Telematics is no different – many insurers have struggled to make the case for telematics in the absence of hard data indicating the impact telematics has on their bottom line.
Working with our partners, utilizing publicly available data on the financial positions of insurance carriers, and leveraging public statements made by carriers about the results of their telematics programs, Octo has developed an interactive tool to help you estimate how insurance telematics will improve your combined ratio.
Telematics has a direct impact on insurers’ combined ratio by:
- Reducing the frequency of claims through safer driving
- Reducing adjusting expenses through faster loss reporting and improved processes
- Reducing cost containment expenses through fraud identification
Try our interactive telematics calculator to see how telematics can help you improve outcomes.