DENVER, Oct. 11, 2023 /PRNewswire/ — The National Alliance for Insurance Education and Research has partnered with SambaSafety, a leading provider of cloud-based risk management solutions, to release their first annual research report, titled “From Perception to Practice: An Insight into Insurer Data Strategies and Sentiments.” The report offers a deep dive into the increasing role of telematics within the insurance landscape.
“In this dynamic era, where data steers our choices, it’s crucial for the insurance industry to remain informed, proactive, and tactical,” said Paul Martin, CPCU, Director of Academic Content for The National Alliance. “The report not only captures current industry sentiments but also provides a roadmap for the future; it encapsulates the evolving storyline of insurance, fueled by data, insights, and modern technology.”
The report includes a comprehensive look at how insurance carriers and brokers are embracing telematics in personal and commercial lines. Key insights underscore the industry’s desire for more personalized, data-driven offerings. Specifically:
- 72% of commercial insurance companies are offering or planning to offer a telematics-based product.
- One-third of commercial auto respondents anticipate launching a usage-based insurance (UBI) product within the next 1-2 years.
- 15% of broker respondents offer telematics value-added services.
- Commercial carriers face unique challenges when leveraging telematics data, with the greatest obstacles being varying data formats (53%) to resource constraints (32%) and compliance/processing data (21%).
Demonstrating its support of industry partners as they navigate the complexities of telematics and commercial auto, SambaSafety announces a significant expansion of its integrations footprint including three leading Telematics Service Providers (TSPs): Lytx, Verizon, and Motive. “We enable insurers to accelerate time to value for their telematics programs by aggregating and enriching data from multiple TSPs. The depth and breadth of our coverage allow us to support nearly 50% of connected commercial vehicles on U.S. roads today,” remarked Rich Lacey, Chief Product Officer at SambaSafety.
As the insurance sector grapples with technological shifts, SambaSafety’s report and its strategic integrations promise to guide industry players through the complexities, empowering them to drive forward with data and innovation at the helm.
For more information about the report or the new integrations, visit SambaSafety.com.
SambaSafety is a recognized innovator and leading provider of cloud-based risk management solutions for over 15,000 organizations with automotive mobility exposure, including many on Fortune’s Global 500 list. Employers and insurers benefit from SambaSafety’s continuous monitoring, intuitive insights, risk reduction tools and configurable pricing solutions. Through the collection, correlation and analysis of federal, state, local and telematics data sources, our flexible, end-to-end capabilities enable businesses and insurers to better evaluate and mitigate driving risk, accelerate product development, reduce crashes and foster safer communities.
About The National Alliance:
The National Alliance for Insurance Education & Research, a registered 501(c)(3), is an insurance education provider recognized throughout the industry as a preeminent resource for technical training, designations, and continuing education in risk management and insurance. Boasting over 150,000 program participants, the National Alliance has set the standard for industry education since its inception in 1969.
Griselda J Castillo
SOURCE The National Alliance for Insurance Education & Research