InsurTech 2.0 brings next-level promises of digital capabilities to the insurance industry, and that’s a good thing. Estimates show that the InsurTech market will grow by $33.73 billion between 2020 and 2025, and the market growth momentum will accelerate at a CAGR of 45.28%. What are some of these technological innovations that promise to usher in such growth? Are we there, Grant Harrell set out to find out more.
And when Harrell found what he was looking for, it was at a company he says is one of the most exciting in the InsurTech space today, Fairmatic. Fairmatic’s fleet insurance model uses data and AI to reward driver safety with savings. As President of Insurance for Fairmatic, Jamie Trish leads many of these innovations. So what puts Fairmatic on the cutting edge of commercial auto insurance?
“We are much more than a traditional commercial auto insurance company,” Trish said. “What makes us special is our unconventional, impact-driven approach to commercial auto insurance. We have proprietary pricing models based on hundreds of billions of miles of driving data. When you combine this expertise with our technology, it allows us to reward safer driving with lower insurance premiums.
Harrell and Trish touch on several critical topics during their conversation, including:
- Commercial Automotive Groups Succeed with Fairmatic Insurance Solutions
- Trish’s Leadership Role in the Insurance Industry
- The move from using historical data to real-time data in the underwriting process
- The Changing Risk Landscape in Insurance Today
“From my perspective, the insurance headquarters, I view advancements in technology as a fantastic thing,” Trish said. “Technology is going to make the roads safer, overall. And that’s totally in line with our mission, and that’s definitely a good thing. But looking ahead, even with safer roads and better technology, there will always be better and worse driving performance within fleets on the road. What Fairmatic does differently is that it doesn’t look at things average; it examines your actual driving behavior and rewards you with insurance premiums commensurate with that driving behavior.
Jamie Trish has been an expert in the insurance industry since 2006. She holds an MBA from MIT Sloan School of Management and seeks to redefine success in the commercial automotive space by rewarding safer driving behavior with lower premiums.