MOUNTAIN VIEW, Calif., Sept. 10 /PRNewswire/ -- Frost & Sullivan's Kyu-min Oh is set to speak at this year's Insurance Telematics USA 2010 Conference & Exhibition on September 13, 2010. Mr. Oh aims to explore the growth opportunities, trends and new application potential within the insurance telematics industry.
With key initiatives focused on the improvement of fuel economy - one of the solutions to help achieve energy independence, energy security, and a low carbon economy - usage based insurance is likely to help this achievement. PAYD is predicted to reduce vehicle travel by a considerable degree effectively reducing emission and improving road safety. Frost & Sullivan believes that this may influence governments to give certain tax discounts for insurance companies and customers adopting this method.
Frost & Sullivan forecasts PAYD activations of about 300,000 in 2015, with roughly 40 - 50 per cent of the existing pilot projects expected to launch commercially by 2012. Usage-based insurance fundamentals provide huge incentives to users for altering their driving pattern positively (thereby reducing the risk of accidents). Fewer accidents mean fewer claims and a direct impact on company profits. Frost & Sullivan believes that this is a win-win situation and companies can make use of this effectively. Moreover, PAYD enables insurers to calculate risk more accurately, help to price the service aggressively.
"PAYD insurance is a key addition to the telematics package that has the potential to increase savings on insurance premiums," notes Kyu-min Oh, Frost & Sullivan's Automotive & Transportation Consultant. "Frost & Sullivan believes that an integrated telematics system integrating features such as stolen vehicle tracking, e Call, advanced driver assistance systems and remote vehicle diagnostics will add value to all types of drivers."
The Insurance Telematics USA 2010 Conference & Exhibition in Chicago, IL on September 13-14, 2010 will focus on how to capture the insurance telematics market by devising innovative business models and solutions. It promises to be the only event to focus exclusively on insurance telematics with this level of detail. All attendees need to pre-register for the event. For the full speaker lineup, agenda and more details please visit: http://www.telematicsupdate.com/insurance-telematics/index.shtml.
Telematics Update provides a weekly e-newsletter, interviews and business information for senior executives with an interest in infotainment, telematics and location based services, commercial vehicle telematics and vehicle safety markets. Telematics Update has organized leading business conferences in Europe, the USA and Asia-Pacific since 2000.
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