Good quotes from Marcia Bernier on ACORD's development of standards in telematics, as reported at the 2012 Insurance-Canada.ca Technology Conference (ICTC). The article also contains interesting comments from Sandy Dunn at Wunelli, who is launching a UK-based telematics standards initiative: “Insurers have a small window of opportunity to agree to a common data standard. As an industry we need to grasp the opportunity now, while telematics is still in its infancy in the UK, or we will find ourselves facing the same issues insurers faced, for example, in sharing 'No Claims Discount' information.”
I echo this but add: think wider than UK. We can get this right for the entire industry and save everybody time and money. At the very least, UK-based insurers will want a standard that works across Europe and, increasingly, globally.
For a contrary view, check out the comments from Insurethebox's Mike Brockman in Insurance Times. He makes a “competitive advantage” argument for non-standardization. Hmm. I'm getting visions of the Sony memory stick. (Don't remember the Sony memory stick...? My point exactly.)
The Intersection
Insurance Times
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