New York Joins the Roll Call of US States Enabling Usage Based Insurance
New York has joined the long list of states implementing legislation that actively encourages UBI in an exciting development for the mass-market roll-out of this segment of the insurance industry.
In a heavily regulated market such as the insurance industry, the acceptance of regulators across the United States is a key step to reaching tipping point and seeing UBI as a mass-market offering. This development of New York, the third most populous state, actively encouraging insurance carriers to explore the benefits of telematics is therefore applauded and should do much for the progress of the insurance telematics segment of the industry. The New York State Department of Financial Services (DFS) has laid out that the will promote UBI for the objective improving better driving and better align pricing to risk. The DFS stated that has received a number of filings for telematics products or programs, part of the increasing trend of engagement with telematics from across the insurance industry. It appears that telematics is increasingly seen as a business necessity for many insurance carriers.
Ruthana Foulkes, Project Director, Telematics Update said “The active encouragement by the N. Y. State of UBI programs is an exciting development in this nascent industry, poised to reach tipping point. It forms part of the recent trend of acceptance of UBI.”
To help the insurance industry capitalise on this favourable environment for UBI, the Insurance Telematics USA 2014 Conference and Exhibition (Sept 3-4, Radisson Aqua Blu Chicago, IL) is back to tackle the business critical questions raised by UBI. Targeted sessions lead by hand-picked industry experts such as Progressive, US Dept. of Transport , The Hartford, American Family Insurance, Ford, Lexis Nexis, IBM and Towers Watson will cover regulation of new technology, next-gen cognitive UBI models, the consumer and disruptive new entrants to market such as Google.
Insurance Telematics USA 2014 is the largest event in North American to bring the entire insurance telematics ecosystem under one roof:
- 800+ senior executives attending
- Over 60 hand-picked thought leaders speaking
- 40+ sessions on disrupters, data & pricing, the consumer, the rise of the app and more
- Best in class for networking: over 20 hours of focused networking with the entire ecosystem
The full agenda and speaker line-up has just been announced on the website: http://www.telematicsupdate.com/insurance-telematics/
The Topics Propelling the Insurance Telematics Industry Forward
Insurance Telematics USA is set to explore the crucial topics that are acting as catalysts for change in the telematics industry:
- Sophisticated Data – Pricing’s New Best Friend: Give greater predictive power to underwriting through cognitive models and make the right decisions regarding storage now
- Automakers & Tech. Giants Step into the Playing Field: Prepare for these big players, dominant in the consumer psyche, to take a slice of the UBI pie – discuss how to stay ahead of the game
- New Tech. Equals Regulation Changes: Will auto safety tech. impact liabilities and auto insurance?
- The Consumer: Analyze and Segment to Win! Create consumer segments relevant to UBI & build value added services (VAS)
- Most relevant for each in order to deploy bespoke products and run targeted marketing campaigns
- Do Apps and Consumers go Hand-in-Hand? Interpret and combine smartphone data effectively by comparing to OBD2 data from like-for-like events in order to utilize this ubiquitous consumer experience and negate concerns over privacy and complex UBI concepts
To view the complete agenda, visit:
The Insurance Telematics USA Conference & Exhibition (3-4 September at the Radisson Aqua Blu, Chicago) unities the insurance, software and automotive industries to examine the steps needed to implement a UBI program with a strong business model and take it to the mass-market: the tipping point is just around the corner.
American Family Insurance said: “UBI and Telematics has moved from a niche concept to a strategic necessity in our industry. In some shape or form, it is here to stay. [Insurance Telematics USA] is a great combination of expertise, information, and experience to help navigate through it all.”
For the complete Insurance Telematics USA 2014 agenda and speaker line-up, visit: www.telematicsupdate.com/insurance-telematics/
The Most Prestigious Speaker Line-Up Ever:
60+ industry leaders will take to the stage on 3-4 September, including:
- Dave Pratt, General Manager Usage Based Insurance, Progressive Insurance
- Pete Frey, Personal Lines Program & Product Manager, American Family
- Anthony Largo, Director of Commercial Auto Telematics, Liberty Mutual
- Dave Chronowski, Product Manager Connected Services Solutions, Ford
- Marc Natrillo, Director - Product Development, The Hartford
- Allen Greenberg, Senior Policy Analyst Federal Highway Administration, DoT
- Lee Barclays, Senior Actuary, Washington State Office of the Insurance Commissioner
- John Heffernan, AVP/Director - Standard Lined Strategic Initiatives, State Auto Insurance Group
The full speaker line-up is available on the website:
Progressive stated that Insurance Telematics USA is a “Great opportunity to see all the major players in the telematics insurance space at one time”.
For the complete Insurance Telematics USA 2014 conference program and speaker line-up, access the e-brochure at: http://www.telematicsupdate.com/insurance-telematics/conference-event-br... or contact the Telematics Update team at email@example.com
Register before June 13 via the secure link below to take advantage of a $300 saving on all conference passes: https://secure.telematicsupdate.com/insurance-telematics/register.php
About Telematics Update:
Telematics Update Conferences are the most prestigious in the industry. We produce the largest telematics events in North America, Europe & Asia, and attract the most influential speakers providing a rich environment for establishing strategic relationships and networking.
Project Director | Telematics Update
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