One in five motor insurance customers were using a dash cam in 2019 according to GlobalData. Insurtech Inzura has a white-labeled dashcam offering has the potential to increase uptake considerably, in turn reducing premiums for policyholders.
The Inzura DashCam will work as a telematics device gathering various metrics about an individual’s driving habits. It will also include automatic video first notification of loss (FNOL) capabilities. This will benefit policyholders, who will no longer need to obtain video files and manually upload them to an insurer’s portal. Insurers will also benefit, as the system will make it increasingly difficult for fraudulent claims to be filed.
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Traditionally, telematics and dash cam-based policies have been targeted towards the younger demographic whose insurance premiums are considerably higher than the market average. However, GlobalData’s 2019 UK Consumer Insurance Survey found that uptake of telematics devices could be considerably higher. If telematics policies were able to save policyholders 10% on their standard premium, then a further 11% of individuals who do not currently have such a device would convert. The potential uptake increases even more dramatically if policyholders are able to save 30% on their premiums, with 43% of individuals being happy to switch to a telematics-style policy.
Inzura DashCam’s automated FNOL capabilities will help simplify the use of dash cams in telematics policies and should boost uptake as a result. And higher uptake should ultimately to lead to further premium reductions. Yet despite the good news this is something of a catch 22 situation, whereby discounts on policies will be far easier to offer if more people take out the policies, as an increase needs to occur for the benefits to continue to be seen.
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By GlobalData
