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The Journey to Build the Auto Insurer of the Future
FROM THE ARCHIVES: A VINTAGE CARRIER MANAGEMENT ARTICLE FROM 2021
Usage-based insurance (UBI) finally has come of age in the U.S. insurance sector. Insurers have spent the last 20 years exploring the potential of telematics with alternating curiosity, commitment and disillusionment. Last year, 8.2 million U.S. auto policyholders shared their driving data with an insurer, based on the research of the IoT Insurance Observatory, a global think tank that has aggregated more than 100 players, including Allstate, which has been a member since 2018.
Executive Summary
Active customer engagement complete with service offerings and incentives to promote safer driving are hallmarks of Allstate's Drivewise and Milewise telematics programs, which ultimately benefit society overall and the insurer as well. Here, Allstate VP David MacInnis and CM Guest Editor Matteo Carbone describe Allstate's journey to build an auto insurer of the future and highlight a key driver that makes or breaks acceptance of telematics technology and data-driven services: value sharing with customers.
Photo from Allstate
Photo from Allstate
Allstate is a leader in adopting telematics, according to IoT Insurance Observatory data indicating that the company has over 2 million continuous connections across all programs, representing almost 10 percent of cars currently connected with an auto insurer at a global level.
