Digital transformation is shaping the way insurance companies do business and changing consumer behaviour in buying insurance products, enabling insurers to compile information about driving habits to calculate risks and offer usage-based policies, which helps some car owners pay lower premiums if they can prove to be safe drivers or they drive less.
The technology offers consumers more convenience and saves time in filing insurance claims, which can be done anywhere, anytime via mobile apps.
TELEMATICS AND PAY-PER-USE MODELS
