WHY LIBERTY MUTUAL IS DIVING DEEPER ON TELEMATICS
Liberty Mutual announced upgrades and additions to its
UBI portfolio earlier this year, including gamification and driver-feedback components. Nick Grant, senior director of product technology solutions for the auto insurer, fills Digital Insurance in on why the company is making big moves now.
Digital Insurance: Why is Liberty Mutual investing more in telematics and UBI now?
Nick Grant: Liberty Mutual is always looking to provide new value to existing and new customers through innovative uses of data and technology. Our new products help customers become better drivers and worry less on the road.
DI: What about the profile of a UBI policyholder is informing your strategy?
Grant: We’ve found that more consumers are looking for personalized offers, messages, pricing and recommendations. Using the data compiled from our telematics-based apps and products such as ByMile, HighwayHero and RightTrack allow Liberty Mutual to cater to this desire for personally tailored advice, information and even policies.
DI: How are advances in connected-car technology making UBI more accessible as an option for insurers?
Grant: We are able to streamline the evaluation process, making it easier for customers to save on their insurance while learning safer driving habits. Our customers will be able to take advantage of these new mobile offerings not just with a plug-in device but with the ease of either downloading an app on their smartphone or using our new tag device that sticks on the windshield giving them multiple options for savings.
DI: How else is the Internet of Things having an impact on LIberty Mutual’s business? And what does it mean for data protection and privacy?
Grant: Liberty Mutual values and respects our customers’ privacy. We will not share personally identifiable usage data we collect with any third party except to service our customers’ auto policies, for research, or as required by law.