Telematics could generate $60 billion in premiums to insurers globally: telematics information provider

Telematics is expected to generate approximately $60 billion in premiums to insurers globally, notes a statement from Telematics Update, a reference centre and conference organizer that provides information about automotive telematics.

Opportunities are expected to unfold once the usage-based insurance (UBI) market, which currently has more than 2 million customers, reaches its tipping point, notes the statement from Telematics Update.

Despite widespread innovation in data collection, data management and devices, insurance carriers need to restructure some of their methods to truly embrace the benefits of UBI, the statement reads.