Posted an article (link below) about how things like fitness monitors and other telematic devices are growing in consumer use and acceptance, and are expected to have a big effect on the way property and casualty coverages are bought and sold.
A quote from the article:
“The way we’ve done insurance compared to what we can do is sloppy. We’re taking tens of thousands of people and saying they all have the same risk profile—when in fact they don’t. Most people are actually overpaying.”
We know insurers are actively working on these types of things and that they will become the rule rather than the exception at some point. But right now are many clients asking about these things or requesting them as a way to lower their insurance premiums? Progressive’s Snapshot has been around for a while now, but I haven’t heard much about it lately. Wondering if consumer demand exists, or won’t really gain momentum until more of these things are actually implemented?
Insurance Forums | Wearables and telematics on verge of huge impact in P&C markets