Insurance Agents Can Now Earn One to Three Credit Hours Toward License Renewal By Learning About Telematics Programs and Its Benefits
CAMBRIDGE, Mass.–(BUSINESS WIRE)–Cambridge Mobile Telematics (CMT), the leading provider of smartphone telematics solutions, is launching “Personal Loss Control: How Telematics is Reducing Losses”, a Continuing Education course that gives insurance agents the opportunity to earn hours toward their license renewal through the familiarization of telematics and its benefits. The course will provide one to three credit hours towards license renewal upon completion, depending on the state where the agent holds their license. The course has been accepted in 48 states and Washington D.C., and is pending approval in Massachusetts and Hawaii.
The inspiration for the course came when market research conducted by CMT revealed rising interest in telematics learnings, with nine out of 10 auto insurance customers voicing interest in learning more about telematics programs and the value they provide, but that only 43% have been offered a policy with telematics benefits. The research also found that the main reason for the disparity is that many insurance agents aren’t familiar enough with telematics to recommend – or even mention – the programs, and are uncomfortable discussing them without additional telematics knowledge.
That research was conducted in late 2019, before the COVID-19 disruptions to regular driving patterns. Since, according to research from J.D. Power & Associates, interest in telematics has increased significantly as consumers search for coverage solutions that take their driving behaviors into account. In addition to the necessary educational component for agents, the research also demonstrates that there is consumer appetite for telematics-based offerings, and that’s only continuing to rise in light of the pandemic.
“Telematics provides benefits for policyholders, agents, and insurers,” said Ryan McMahon, VP of Insurance and Government Affairs at CMT. “It provides savings and rewards for drivers, incentivizing a reduction in risky behaviors like at-risk speeding and phone distraction. Agents that sell telematics policies are making the roads safer and delivering more value to consumers.”
CMT is working with insurers and agent associations to bring the course to licensed agents across the US. For more information please visit the course’s information page, here.
About Cambridge Mobile Telematics
CMT’s mission is to make the world’s roads and drivers safer. Since its first product launch in 2012 that pioneered mobile usage-based insurance, CMT has become the world’s leading telematics and analytics provider for insurers, rideshares, and fleets. CMT’s DriveWell platform uses mobile sensing and behavioral science to measure driving risk and incentivize safer driving, while its Claim Studio reduces the claims cycle time with real-time crash detection, crash reconstruction, and damage assessment using telematics and artificial intelligence. CMT has over 50 active programs with insurers and other partners, improving safety for millions of drivers every day around the world. Started based on research at MIT and backed by the SoftBank Vision Fund to fuel its rapid growth, CMT is headquartered in Cambridge MA. To learn more, visit www.cmtelematics.com and follow CMT on Twitter @cmtelematics.