As businesses across the economic spectrum seek to develop personalized pricing strategies, the insurance sector continues to lead the way with renewed impetus behind telematics-based insurance offerings.
As telematics-based insurance products grow in popularity, the trade association for the UK insurance industry – the Association of British Insurers (ABI) – has issued a good practice guide on the use and implementation of telematics technology in vehicle insurance products. The guide aims to ensure that insurers providing telematics-based policies treat customers fairly and protect their data. Although the guide is primarily aimed at insurers, it is also likely to be of interest to the various related parties involved in a telematics-based insurance offering such as brokers, distributors, telematics infrastructure/service providers and third party data processors.
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