The LexisNexis 2013 Insurance Telematics Study was designed to help the insurance industry understand consumer awareness of and attitudes toward telematics devices and UBI programs based on telematics data.
Highlights from the study revealed that:
One in every three consumers finds the idea appealing and is likely to use a personal smart phone to collect and transmit telematics data.
76 percent of consumers see telematics as an opportunity to reduce rates and 63 percent see it as an opportunity to have more control over rates.
61 percent are more likely to accept telematics if insurers offer a trial period for 3 months, while 72 percent of drivers are more likely if an insurer offer an automatic discount of 10 percent for first 6 months.
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