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Value added services to revolutionise car insurance market

From a customer's perspective, car insurance propositions are very similar nowadays, and the only differentiator is price. But will value added services enable a market revolution?

From a customer's perspective, car insurance propositions today are very similar. This is partly due to legal regulations which mean that the scope of service is very much alike, leaving insurance players only one option for differentiation: price.

In the last couple of years, insurance companies have focused on apps and telematics services, including severe-weather warnings or online claims reporting. Installing a telematic-box enables enhanced services like automatic crash notification or stolen vehicle tracking. New pricing models have evolved, too. Instead of using metrics like socio demographics, bonus levels, or horsepower alone, the customer's driving behaviour has become part of the equation and enables usage-based premiums or pay-as-you-drive propositions.

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