Tell me if you’ve heard this one before: The insurance market is hardening. Policy rates are going up and independent insurance agents need to help personal lines clients better manage those impending increases.
However, the story has changed in recent years—through telematics.
Some independent insurance agents may be skeptical. That’s to be expected. Many have been hesitant to adopt telematics for a number of reasons, including not fully understanding what it is, being unaware of the benefits, and a misconception that telematics will invade the privacy of clients by tracking their every move.
To some extent, agents can’t be blamed. Different companies employ different approaches to telematic systems, so there isn’t a “one answer for all” knowledge base.
Let’s walk through the basics of how telematics can be a crucial tool to serve personal lines clients, particularly as they navigate rising auto insurance rates.
Read the full article, written by Doug Coombs, Chief Marketing Officer of SIAA, published January 25, 2022 in IA Magazine.