Navigating Usage-Based Insurance (UBI) Markets

Nov 28, 2022 / by AAIS

As a part of the AAIS Pulse: Chicago presentation, AAIS Product Manager of Auto Ash Naik  hosted Matt Kendzior from Ownli to explore options available to insurance carriers to roll-out UBI options with varying levels of sophistication. Starting with the assessment of current options, they looked at simplest to the most elaborate options at your disposal.



Matt Kendzior shared that he was excited to join Ownli to further their work of better understanding people and offering personalized experiences for customers by understanding their needs and behaviors through the use of data.  "Ownli's foundation is to operate on trust and transparency and finding an equitable relationship between insurers and their customers," explained Kendzior.

Ash Naik kicked off the session by discussing the use of data, specifically asking "How does Ownli take data in and how do you use it to help your customers?"

"Data is kind of a four letter word," laughed Kendzior. "It has a lot of questions around it. There are differences in attitude from person to person. We are kind of entering a new phase where in the understanding and the utilization of personal data is taking on another form of sophistication than before."

As the presentation furthered, Naik explaining that with the growing adoption of usage-based insurance offering in the market, carriers need to leverage every bit of advantage provided by technological innovations. AAIS consumer research 2022 revealed that 45% of the traditional consumers were likely to adopt usage-based insurance if some commonly raised objections were sufficiently handled. The number one hurdle in the adoption of usage-based insurance is the lack of transparency in the capture, storage, use, implications, and communication with the subjects generating this data.

At AAIS Pulse: Chicago, conversations led to the realization that carriers need a map to evaluate themselves, communicate their standing and their aspirations to their customers in overcoming the transparency hurdle.

To view the full interview discussing UBI Auto Markets between Ash Naik and Matt Kendzior, please click the video above.

Tags: Insights, Issues & Trends, AAIS News & Views, AAIS Insights, AAIS Pulse, Pulse Chicago


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