Loss costs for personal auto insurers have risen sharply in recent years, driven by behavioral changes and systemic factors that have led to more costly accidents occurring at a higher frequency. These rising claims costs, in turn, force insurers to raise premiums, making it difficult to retain policyholders. Solutions that aim to improve driver behavior and prevent accidents from occurring reduce overall claims incidence and stand out as a way to address claims cost issues at their source while improving overall safety for all drivers.
Insurers can use this report to frame the overall ecosystem of technological solutions that address claims costs and gain familiarity with offerings that improve driver safety and accident incidence. Solution providers can use this report to locate their technologies with the claims ecosystem and improve messaging on the impact their solutions can create for claims losses, leakage, or process efficiency. This report is based on Datos Insights’ existing research on the personal auto claims landscape as well as emerging technologies and their applications to the property/casualty insurance space. Information about the efficacy of effective driver behavior modification systems was provided by this report’s sponsor, ADEPT Driver, and independent research done by insurers, the Traffic Injury Research Foundation, Dunlap and Associates, and DOI rate filings.
Clients of Datos Insights’ Property & Casualty service can download this report.
This report mentions ADEPT Driver, Cambridge Mobile Telematics, eDriving, The Floow, IMS, LexisNexis Risk Solutions, and Swiss Re.