Improve Your Combined Ratio and Become an Industry Leader with Our Executive Education in Insurance Telematics

We live in a time where technology is quickly evolving and businesses across sectors are having to pivot in order to keep up with the new advancements in order to stay relevant and competitive. The insurance industry is no different, and acquiring the use of telematics is becoming increasingly more valuable for insurance companies globally.

We were able to speak with Program Director Harald Trautsch, who is taking the lead on the new Executive Education in Insurance Telematics in coordination with Webster Vienna Private University. He was able to give insight as to what the course structure is based upon, and how participants can benefit from the topics covered. Continue reading to learn more about this additional innovative learning opportunity!

Preventing Damage by Prioritizing Personal Connection

As Harald told us, “it is of course better to prevent damage from occurring in the first place.” That being said, it can be hard for insurance companies to do this if they are still simply offering to pay a claim for a premium, instead of updating business models to reflect the modern needs of clients. Harald spoke of the need for businesses to stay up to date with such a dynamic sector with technology that is always advancing, noting that “insurance companies must adapt to this rapid development.”

“With the right use of telematics, insurance companies can warn of potential dangers, reward risk avoidance and offer the right products at the right time. Here, the possible applications go far beyond the mere evaluation of driving behavior. It is about the possibility of establishing personal communication with each individual customer and being able to communicate in a meaningful way.” Insurance telematics, as taught in our Executive Education in Insurance Telematics course, is an opportunity for companies to go a little deeper to get to know their clients, and offer plans that are more mutually beneficial.

Learn to Point Out High-Risk Behavior in Our Telematics Courses by Staying Up to Date

Staying up to date with the latest technology that is becoming standard in insurance industries can benefit professionals as they try to define high-risk behavior and what that looks like from client to client. 

“The insurance industry has proven, especially during the COVID-19 pandemic, that it has a relatively crisis-proof business model. But appearances can be deceptive,” Harald warned. “Technology companies receive a much better valuation from investors than insurance companies. And startups, some of which are valued on an astronomical scale, are raising enormous funds to compete with the long-established insurance companies. Participants in the course will learn how to develop future-proof business models in the insurance industry using modern technologies such as telematics.”

We asked Harald what he thought were the most beneficial aspects of using the technology taught in his telematics courses in terms of reducing asset loss. “By pointing out high-risk behavior, rewarding safe driving and ecological transportation, and warning of possible risks in advance, claims can be avoided,” he replied.

Loss Reduction Through Means of Clearing the Commodity Trap

Harald spoke intently on the need for insurance companies to stay relevant and competitive, and in other words, stop themselves from becoming useless due to lack of innovation. “Today, if a company is not present on the smartphone of its customers, it is de facto irrelevant in their lives. With intelligent services, insurance companies can escape the commodity trap and offer their customers added value that goes beyond the mere financial reimbursement of damages incurred,” he said.

He further explained this notion, saying, “Our world is changing faster and faster. Almost every day we hear about new technologies, achievements in science and ways to communicate and collaborate with each other. Insurance companies must adapt to this rapid development to avoid falling into the commodity trap.” 

With over 20 years of experience developing innovative telematics solutions with vehicle OEMs and insurance companies, Harald is ready to share his knowledge in this role as director of the Insurance Telematics course as part of Webster Vienna Private University’s Executive Education offerings.

Interested in Insurance Telematics training?

Contact us for more information!