How insurers transform through technology and partnerships

Carbone highlights personal auto telematics as a case in point. Usage-based insurance (UBI) in North America initially focuses on pricing sophistication, but the broader potential of telematics can influence distribution, compliance, and claims. “If you keep this new technology limited only to pricing, the impact is pretty limited. The agents need to be on board, compliance must review, and the product must effectively leverage the data,” he said. “Progressive, for example, built an organizational transformation around telematics. Others with the same technology struggled because they didn’t address the interdependencies.”