WHY LIB­ERTY MU­TUAL IS DIV­ING DEEPER ON TELEM­AT­ICS

Digital Insurance - - INNOVATION | TELEMATICS - NICK GRANT

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.

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