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Selling telematics just got easier

MAR. 31, 2021

Technology is in everything that we do and is changing many traditional parts of our lives- including auto insurance. The growth of computer power, coupled with the ability to record real-time data, has created a lot of possibilities we’ve never seen before.

According to McKinsey, global car data is expected to grow to $750 billion by 2030 and the United States is leading with the highest rate of voluntary telematics systems use. Moreover, a report by Global Market Insights shows that the global usage-based insurance market is expected to grow to $107 billion compared to the current level of $37 billion.

As an agent, selling telematics in 2021 is more important than ever. It’s the wave of the future and you’ve seen how it can help increase sales and retain your clients by rewarding safe drivers. And your clients have recognized the increased rewards of making better driving decisions.

Far from being viewed as a passing fad or gimmick, we see that customers are eager to hit the road with usage-based insurance:

  • In 2020, customer interest in telematics increased by 30%1
  • 65% of consumers are open to telematics if it provides savings2

However, another important fact is that customers prefer to use an app instead of a device to participate in safe-driving programs3.

SmartRide App Solution

In the past, safe-driving programs could only be enabled by a device that plugs into the car, but now smartphone technology makes it possible to forego the device and simply use an app.

The SmartRide app is the most convenient and easiest way for customers to participate in a usage-based insurance program.

The app uses smartphone sensors to track driver-behavior data and then transmits the data to Nationwide.
Advantages include:

  • Get started right away – Instead of waiting days for the SmartRide device to arrive, customers can download the app and begin using it immediately
  • No device plug-in is necessary – By using the app, it is unnecessary for your client to plug a device into their vehicle
  • Easy to activate – Quick and easy instructions help your customer activate their program within minutes
  • Simple to use – The app provides easy-to-follow, step-by-step instructions
  • Complete dashboard – Allows your customer to quickly access all of their information
  • Provides clear, actionable, personalized feedback – This feedback empowers your client to make real-time changes to their driving habits and potentially increase their discount
  • Check the estimated discount4 anytime – Estimated discounts are updated weekly so your customer is always in-the-know
  • See the timeline to complete the program – Your client can view their program timeline at any time. The SmartRide program typically lasts between 4-6 months. At the end of the time, we will calculate and lock-in the final discount

Saving is simple for your customers

Discounts have remained the same with the SmartRide App . Safe drivers save 10% at enrollment and can earn up to 40% discount for safe driving.

As with the device, the SmartRide app collects driving data to determine a customer’s discount based on 4 criteria: miles driven, night driving, hard braking & acceleration, and idle time. Once their discount is earned, customers can continue to use the app to receive feedback on their driving habits. And they’ll keep their discount for as long as they are insured under the policy.

Plus it’s easy to enroll in the program on the comp rater or with Nationwide Express. On the quote page, Nationwide will automatically add the user-based program based on the best fit for each vehicle.

Get the word out

Since a greater number of people are spending more time online than ever before, it’s the perfect time to get the word out about the “SmartRide” app on social media. We can help! Use our pre-designed posts on Hearsay (search keywords “SmartRide app”) to spread the word.

 

Sources

  • 1

    https://www.carinsurance.org/telematics-and-car-insurance/

  • 2

    J.D. Power 2020 PULSE survey

  • 3

    2020 Nationwide’s Agent Authority Research

  • 4

    Nationwide Telematics Quantitative Study – June 2020

  • 5

    Discount is policy-level, stays on as long as the vehicle is insured with Nationwide