Insurance companies are attracted to telematics-powered usage-based insurance programs for many reasons. It provides them more data for refined pricing and allows them to have a one-to-one connection with their policyholders, for example. But adoption of usage-based insurance is mitigated by concerns over data security, according to research.
The Insurance Research Council, an arm of The American Institute for Chartered Property and Casualty Underwritiers, surveyed more than 1,000 consumers on their attitudes towards telematics and usage-based insurance. It discovered that consumers are skeptical about insurance companies as stewards of personal data, which disincentivizes them to turn that data over.
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