Capitalizing on Telematics and Usage-Based Insurance: Decision Time for Insurers
SMA Provides Research Series and Workshops for Insurers
BOSTON, March 5, 2013 /PRNewswire/ — Strategy Meets Action (SMA) announces additional research and new services to help insurers accelerate usage-based insurance decisions and plans. Telematics/Usage-Based Insurance: Progressive’s Licensing Announcement, the third report in SMA’s telematics series, is now available. This report provides additional insight into the UBI market by analyzing the Progressive announcement and its impact on the industry. SMA, a leading insurance strategic advisory firm, offers extensive insurance research and experience – including a full suite of UBI services using their proprietary UBI planning methodology.
Summary of Insights
For those companies not yet active in the usage-based insurance market, this announcement does provide some clarification, but it also gives rise to other pertinent questions. Mark Breading, SMA Partner, points out, “One of the most important points in the announcement is that Progressive’s current offer of terms is available only to companies that apply through June of 2013.” The report provides further commentary on the provisions and suggests several concerns that will need to be addressed. “The price appears attractive and removes the ambiguity associated with challenging Progressive’s intellectual property rights,” Richard Welch, SMA telematics expert, comments.
Given the lead times required to build UBI programs and gather the valuable customer data that is essential to doing credible experience-based rating, SMA concludes that all market participants should be considering the implications of this announcement and developing strategies and plans.
SMA Telematics Services
In addition to the telematics research report series, SMA has announced three specific offerings for insurers that capitalize on SMA’s UBI strategy methodology to provide insight, guidance, and best practices.
- Executive Education: Provides insight on what is happening with UBI in insurance, including current programs, state of adoption, existing approaches, insurer plans, and competitive considerations.
- Full-Day UBI Workshop: Prepares insurers to decide when to enter the market, what segments are good candidates, and how to gain experience.
- UBI Strategy Development: Supports the development and execution of a tailored UBI strategy, roadmap, and plan for insurers, using SMA’s proprietary methodology.
SMA Telematics/UBI Experts
Industry recognized experts in Telematics/UBI and insurance are an integral part of the SMA team. Richard Welch, a former insurance CEO and respected industry consultant, specializes in building usage-based insurance strategies. Mark Breading, SMA Partner, is known for practical, actionable technology and insurance industry thought leadership in areas ranging from analytics to telematics and more.
About Strategy Meets Action
Exclusively servicing the insurance industry, SMA is a strategic advisory firm offering a unique blend of research, advisory, and consulting services to insurance companies and IT solution providers. By leveraging best practices from both management consulting and research advisory disciplines, SMA’s advisory service offerings are actionable, business driven, and research based – where strategy meets action.
SOURCE Strategy Meets Action