Benefits of Telematics Usage Based Insurance from Vodafone and Towers Watson

  • Powerful risk segmentation: car insurance premiums can be calculated on actual usage and driving behaviour, significantly improving profitability. Granular data in particular allows a deep understanding of behaviour and risk.
  • Improve customer acquisition and retention process: transform the way you engage with your policyholders and replace sporadic and often transactional services with new, value-added services that will help you build brand loyalty, attract new customers and increase customer retention.
  • Improve operational efficiency: streamline claims processes, improve first notice of loss (FNOL) response times and more efficiently and accurately settle claims.
  • Improve fraud prevention: capture real-time information about accidents when they happen, augment driving behaviour models with fraud and crash monitoring data, to recreate scenarios that can help in the detection and prevention of false claims.
  • Increased competitive advantage: early adoption of a telematics-based UBI scheme can provide you with initial benefit from attracting self selecting profitable customers and more generally an opportunity to offer a more comprehensive and differentiated portfolio of products than your competitors.
  • Societal and environmental benefits: UBI has been shown to reduce the frequency and severity of accidents by positively influencing driving behaviour.