According to “Usage Based Insurance and Safety Telematics Synergies” insurance telematics subscriptions are supposed to grow to 107 million by the year 2018. That is an 81% increase compared to 2013’s 5.5 million subscriptions. Insurance telematics are becoming a huge part of the market due to the overwhelming amount of growth that they have received. Insurers are seeing the need to move to a more proactive and CRM based approach which will benefit their customers and create a better bond.” The auto insurance industry faces a fundamental change to business, ABI said, with the emergence of fully autonomous cars, the movement toward a “zero accident risk environment” and active safety systems based on ADAS and V2X technology” (McMahon, 2013). The future of Insurance Telematics is looking up and a lot should be expected in the years to come.
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McMahon, Chris. “100 Million UBI/Telematics Subscribers Projected by 2018.” Insurance Networking News. N.p., 06 June 2013. Web. 07 June 2013. http://www.insurancenetworking.com/news/100-million-ubi-telematics-subscribers-projected-32433-1.html