Reed prepares to close deal on Wunelli
Reed Elsevier, a leading information technology company, is preparing to finalize the acquisition of Wunelli, a developer of telematics solutions for the auto insurance sector. Telematics is becoming very popular in the insurance industry because of how it can be used by insurers to price policies more accurately. Demand for this technology has been growing steadily over the past few years and has reached an all-time high as insurance companies continue to look for ways to mitigate losses while also providing high-quality services to consumers.
Wunelli technology is in high demand among insurance companies
Through its acquisition of Wunelli, Reed Elsevier will gain access to the company’s “black box” technology. This technology will can be used by insurance companies to monitor the driving habits of consumers throughout the United Kingdom, with permission, of course. Information concerning driving habits and consumer behavior are invaluable to the insurance industry, as this data can be used to price insurance products and offer policyholders ways to save money on their auto insurance coverage.
Telematics could provide consumers with a way to save money on their insurance coverage
Telematics allows safe drivers to take advantage of discounts on their insurance coverage. Those that drive infrequently can also benefit from these discounts, while those that drive often, such as those with long commutes, could be paying more for their insurance coverage based on whether or not they are safe while they are operating their vehicles. Ultimately, many insurers believe that a larger number of people will save money because of telematics than those that would have to pay higher premiums for their coverage.
Insurance industry is embracing technology more readily
Telematics is beginning to have a major impact on the insurance industry and insurers are willing to make use of this technology in order to overcome some of the challenges they are beginning to face in certain markets. Customer service is one such challenge that could, in part, be mitigated through the use of telematics. The potential for saving money on auto insurance could be enough for many consumers to willing install telematics devices in their vehicles.