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Telematics and Usage-Based Insurance (UBI) Training Program

March 3 - March 7

Preamble

Telematics technology has revolutionized the insurance industry by enabling the collection and analysis of real-time driving data. Usage-Based Insurance (UBI), also known as Pay-How-You-Drive (PHYD) or telematics auto insurance, leverages this technology to tailor insurance premiums based on individual driving behaviors. This training program aims to provide participants with a comprehensive understanding of telematics and UBI, their applications, benefits, and the future trends shaping the insurance landscape.

Training Objectives

By the end of this training, participants will be able to:

  • Understand the fundamentals of telematics and its role in UBI.
  • Analyze how driving behaviors influence insurance premiums.
  • Evaluate the benefits and challenges of implementing UBI.
  • Explore the technological advancements driving UBI adoption.
  • Assess the impact of UBI on consumer behavior and insurance industry dynamics.

Training Content

Module 1: Introduction to Telematics and UBI

  • Definition and principles of telematics.
  • Overview of Usage-Based Insurance (UBI).
  • Historical development and evolution of UBI.
  • Key players and stakeholders in the UBI ecosystem.

Module 2: How Telematics Influences Insurance Premiums

  • Data collection methods: GPS, accelerometers, and other sensors.
  • Analysis of driving behaviors: speed, braking patterns, mileage, and time of day.
  • Risk assessment models based on telematics data.
  • Case studies of insurers utilizing telematics for premium calculation.

Module 3: Benefits and Challenges of UBI

  • Advantages for consumers: potential cost savings and personalized rates.
  • Benefits for insurers: improved risk assessment and customer engagement.
  • Privacy and data security concerns.
  • Technological and infrastructure challenges.
  • Regulatory and compliance considerations.

Module 4: Technological Advancements in UBI

  • Integration of Internet of Things (IoT) in vehicles.
  • Mobile applications and smartphone-based telematics solutions.
  • Artificial Intelligence (AI) and Machine Learning (ML) in data analysis.
  • Future technologies: autonomous vehicles and their impact on UBI.

Module 5: Consumer Behavior and Industry Dynamics

  • Consumer acceptance and adoption of UBI.
  • Impact of UBI on traditional insurance models.
  • Competitive landscape and market trends.
  • Ethical considerations in data collection and usage.

Final Assessment & Certification

  • Practical project: Design a UBI program for a hypothetical insurance company.
  • Certification awarded upon successful completion of the training program.

Target Audience

This training is suitable for:

  • Insurance professionals seeking to understand UBI.
  • Data analysts and technologists in the insurance sector.
  • Regulatory bodies and policymakers.
  • Automotive industry stakeholders interested in telematics applications.
  • Consumers interested in understanding UBI and its benefits.

Training Methodology

  • Instructor-Led Training (ILT): Expert-led sessions on telematics and UBI.
  • Case Studies: Analysis of real-world UBI implementations.
  • Group Discussions: Interactive sessions to explore challenges and solutions.
  • Workshops: Hands-on activities in designing UBI programs.
  • Assessments: Regular quizzes and a final project to evaluate understanding and application of UBI concepts.

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Details

Start:
March 3
End:
March 7
Cost:
Ksh82500.00
Event Category:
Website:
www.globopointconsultants.com

Venue

Nakuru
Nakuru, Kenya + Google Map

Organizer

Globopoint Consultants Limited
Phone
0722103961
Email
info@globopointconsultants.com
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