Tag: auto insurance telematics

Usage based insurance could change the entire underwriting model

Julie Campbell
usage based insurance

A growing number of auto insurers are offering telematics programs. As the popularity of usage based insurance grows among both auto insurers and consumers, the data that is provided through the telematics devices is helping to provide more accurate information regarding the risks associated with a certain driver, so that pricing can better reflect that actual risk. This approach is already in place in many parts of the United States, Canada, Europe, and Australia. At the moment, the most common usage based insurance programs in North America are in truck…

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What you should know about usage based insurance

Usage based insurance

How telematics may change driver behaviors. Usage based insurance is on the rise, and it is showing no signs of slowing down as it combines telematics with GPS technology and onboard diagnostics to help insurers to better understand the behaviors of their policyholders while behind the wheel. Though the impact on price is starting to be understood, what has yet to be seen is the impact on drivers. The technology is able to tell an insurance company where a car is located, how fast it is going, how many left…

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Worldwide usage based insurance market to break the €50 billion mark in 8 years

Usage based insurance

Global use of telematic technology and methods will skyrocket by 2020. According to a report by PTOLEMUS Consulting Group, an international strategy consulting firm, usage based insurance is going to change the way that auto insurers and their policyholders do business together. The report is being applauded as the most comprehensive ever created on insurance telematics. The strategic report was 400 pages long and is expected to become the document used by the industry as a standard reference, as it provides vital data regarding the global landscape for auto coverage,…

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MyDrive Solutions releases smart box technology for insurance telematics

Julie Campbell

MyDrive Solutions, a company known for its specialty in insurance telematics, has announced its latest technology release to allow insurers to better gauge an individual driver’s risk and therefore set the premiums for coverage accordingly. The company’s launch involves an insurance smart box, which has now been brought to market, called MyDrive Dynamic, which will give auto insurers the ability to collect and use a driver’s behavioral data using the very latest in data capture technology. This can then be used to better understand a driver’s unique risk so that…

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Growing popularity of auto insurance telematics programs provide more discount opportunities

Online Auto Insurance (OAI) has been encouraging customer awareness over a broader array of opportunities to find discounts on their coverage through motorist behaviors such as safe driving and low mileage, following a number of recent reports that are showing that insurers are likely to begin significant investments into technology that will record and transmit information about the driving behaviors of policyholders. A growing number of insurance companies have already been offering programs on an optional basis that allows motorists to install an electronic device into their vehicle that will…

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