tailieunhanh - A market analysis of telematics-based UBI in Taiwan

Telematics enabled UBI (usage-based insurance) is rapidly becoming a global phenomenon. The property and casualty insurance companies in Taiwan have suffered a deficit in their balance of payments with respect to auto insurance. Moreover, Taiwanese market only offers traditional, non-UBI automobile insurance products, and there have been no studies related to telematics-based UBI. To fill this research gap, this study tries to identify consumers’ willingness to provide driving data to UBI insurers, to evaluate the importance of each type of driving data that contributes to telematics-based UBI underwriting and to measure the gap between consumers’ willingness to provide driving data and the importance of driving data in telematics-based UBI underwriting. The research findings can be the references for the insurance companies to develop their marketing strategy of Telematics enabled UBI. | Journal of Applied Finance Banking vol. 6 no. 6 2016 71-89 ISSN 1792-6580 print version 1792-6599 online Scienpress Ltd 2016 A Market Analysis of Telematics-Based UBI in Taiwan Chiang Ku Fan1 Xiangyou Wu2 Dachuan Zheng3 and Wen Lin4 Abstract Telematics enabled UBI usage-based insurance is rapidly becoming a global phenomenon. The property and casualty insurance companies in Taiwan have suffered a deficit in their balance of payments with respect to auto insurance. Moreover Taiwanese market only offers traditional non-UBI automobile insurance products and there have been no studies related to telematics-based UBI. To fill this research gap this study tries to identify consumers willingness to provide driving data to UBI insurers to evaluate the importance of each type of driving data that contributes to telematics-based UBI underwriting and to measure the gap between consumers willingness to provide driving data and the importance of driving data in telematics-based UBI underwriting. The research findings can be the references for the insurance companies to develop their marketing strategy of Telematics enabled UBI. JEL classification numbers O32 Keywords Auto insurance Usage Based Insurance Telematics 1 Introduction 1 College of Management Shih Chien University. Taiwan 2 New Huadu Business School of Minjiang University. 3 Straits Institute of Minjiang University Internet Innovation Research Center of Humanities and Social Sciences Base of Colleges and Universities in Fujian. 4 Straits Institute of Minjiang University. Article Info Received July 30 2016. Revised August 20 2016. Published online November 1 2016. 72 Chiang Ku Fan et al. In recent years as data capture and transmission technology have become more advanced and as user interfaces have become more sophisticated insurers have begun offering programs such as usage-based insurance UBI that use telematics devices to monitor the driving habits of their insureds. According to the New York State Department of .

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• Market analysis
• Telematics based UBI
• Provide driving data
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