Tesco Insurance managing director Karl Bedlow told a recent UK insurance seminar that telematics data is set to be shared.
He said: “At some point, this data is going to become ubiquitous and it will be like our credit score – it won’t be the property of individual insurers, but it will be something the industry uses as a rating factor.”
However, Tony Lovick, telematics pricing actuary at Towers Watson, expressed doubts saying : ‘Sharing of telematics scores between insurers that are competing with each other would be equivalent to sharing premium information, and that is already not allowed.”
Ed Rochfort, product director at Carrot Car Insurance, added: ‘While there is no question the raw data belongs to the driver, the ownership of the process of data is going to sit with whoever has developed the necessary algorithm or system to interpret it.”
There was consensus that telematics data has the power to help insurers price premiums more accurately based on improved understanding of risk.