Kwami Ahiabenu,II Knowledge Chief

By Kwami Ahiabenu  Insurance ensures risk mitigation. The history of insurance dates back thousands of years with its origin in risk-sharing and mutual aid. In recent years technology is impacting all aspects of our society and insurance is not an exception. The Insurtech market is awash with a lot of products and services with personalization being the driving force. One of the innovative insurance products is known as insurance telematics which is premised on a usage-based insurance approach. This includes packages like Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD) and Pay-Per-Trip (PPT) auto insurance. These sorts of insurance premiums are not fixed such as an annual or monthly amount but consist of a flexible amount. The global market for insurance telematics is estimated at US$3 Billion in the year 2022, projected value of US$13.1 Billion by 2030, growing at a Compound annual growth rate (CAGR) of 20percent over the analysis period 2022-2030 (ResearchAndMarkets.com). Tradition