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Nationwide Projects 70% of New Businesses Will Come from UBI By 2025: Why?

Most experts are of one mind regarding 2025 being a year dominated by tech solutions. However, with the recent pandemic still causing sweeping changes, most assume that the new normal is a world where tele-everything dominates the industry landscape. Healthcare in 2021 had to get used to the concept of tele-everything to handle the many obstructions and challenges of the year. 

It didn’t seem feasible, but there is once again a sense of normalcy despite the seemingly irreversible changes made by the pandemic.

When you think about the current rising trends, it comes as no surprise that 70% of new businesses will come from UBI (usage-based insurance) by 2025. However, it’s still crucial to look into the details, as it gives company owners the chance to push for success by predicting future trends.

The benefits of telematics

Without a doubt, telematics leads the charge regarding the rise of UBI solutions. Any business that operates a fleet of vehicles benefits significantly from telematics, as it offers a chance to provide critical insight regarding driver behavior. With telematics, company owners have more information to utilize. One of the most significant advantages of UBI is how a company owner can control the pricing based on best-practice behaviors. 

There’s no need to wait for reports to make changes when dealing with a fleet of vehicles. With the help of GPS tracking, telematics provides insight into how vehicles are used—allowing company owners to take charge as soon as possible. In addition, the ability to control every aspect of insurance, thanks to UBI, can reduce costs across the board. Not only does it allow companies to make meaningful changes to driver behavior, but it also cuts costs for maintenance and fuel.

Consumers and entrepreneurs alike benefit from telematics

Thanks to UBI, businesses have much more control over how they manage a fleet of vehicles. Telematics is also becoming more and more common among consumers, as businesses improve their relationship with their customers in various ways. Thanks to telematics and UBI, it’s possible to offer accurate billing based on driver hours and mileage. It’s also possible to offer real-time delivery status thanks to GPS trackers.

Banks & insurance Ccompanies can also benefit greatly from automation through UBI, specifically with the help of an AI-powered rating engine. With such advanced tools, theybusinesses can provide flexible and personalized solutions to their clients. It is only one of many reasons why UBI and telematics are becoming a foundation for many growing companies.

Why use UBI and telematics?

The world is becoming more and more focused on a tele-everything landscape. Remote team management is now commonplace, and many startup owners are getting their businesses off the ground with the idea of running everything remotely right from the beginning. 

70% of new businesses will come from UBI by 2025, simply put, because it’s convenient and part of the new normal. If things continue at the same pace, perhaps just about every business will have to take advantage of telematics to compete in the business landscape.

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