The motor insurance industry is heading towards usage-based pricing models being the popular choice among both insurers and customers according to new research, with 91% of insurers forecasting it as a positive change for the future of insurance.
In this new 2021 report from By Bits 84% of insurers believe this shift represents an opportunity for their organisations. Is your business ready to take advantage and make the changes needed to meet changing customer demands?
Motor policyholders are demanding a change
In the year prior to the research, the industry has seen a huge shift in customer behaviour and demands. If you download the report you’ll discover that the lockdown restrictions due to Covid-19 have seen nearly every insurer experience a call from their customers for fairer pricing based on usage, alongside customers trying to cancel policies due to drastically reduced mileage. This is supported by the findings of separate consumer research, conducted by By Bits in parallel with the research among insurers, which highlighted that drivers think they will drive less over the next five years than they did in the previous five years.
The biggest challenges preventing meeting evolving customer demands?
Is it technology and digital transformation? Are you concerned that your existing software stack will be unable to support usage-based insurance products? This wide ranging report will provide you with the insight on how the industry is embracing the need for change and give you the chance to gauge where you sit in the process of change compared to competitors.Download Report