As motor insurance is mandatory, and perhaps the ultimate grudge purchase, making a profit should be a given. However, beset with fraud-related issues and rising claims costs, the sector has recorded a loss for each of the last 16 years. To turn the tide, insurers are looking for ways to reduce costs, improve their underwriting and widen their margins.
This article studies how geographic intelligence can help insurers reverse this trend and improve their understanding of risks.
- Gender Directive and pricing implications.
- The pros and cons of Telematics usage.
- Using geographic intelligence to underwrite risks.