Live Insurance News

Usage based insurance partnership formed by Sprint

March 11, 2014March 11, 2014 G. Turner

The wireless giant is now partnering with Intelligent Mechatronic Systems to appeal to auto insurers. Sprint has now announced that it is entering into a partnership with Intelligent Mechatronic Systems, a usage based insurance technology provider that allows auto insurers to be able to offer telematics based coverage to their customers. This category is now taking off among insurance companies, basing premiums on a driver’s actual risk. Traditionally, auto insurance companies use broad generalizations about various categories of drivers in order to calculate premiums. Factors can include everything from location…

Auto insurance usage based programs could reduce rates by 15 percent

October 11, 2013October 8, 2013 Julie Campbell

Providers in Ontario are eyeing these new telematics plans as the Canadian province seeks to lower premiums. The government of the Canadian Province of Ontario has tasked the auto insurance industry with reducing rates by 15 percent, and they are now looking to usage based programs based on telematics to be able to achieve this goal. That said, this type of plan is not necessarily designed to benefit people who commute every day in rush hour traffic. Auto insurance companies are now seeking to speak with the financial services regulator…

Auto insurance telematics appealing to most European drivers

October 9, 2013October 7, 2013 G. Turner

Provided that premiums would not increase, the majority of motorists would opt for usage based coverage. According to the results of a recent survey among six countries across Europe, the majority of drivers would choose an auto insurance program that uses telematics if they were guaranteed that they would not experience a premiums increase. Most of the survey respondents expressed a level of interest in usage based coverage programs. The majority of the participants in this recent Towers Watson survey said that they were interested in usage based auto insurance…

Auto insurance is using technology to focus on driver behavior awareness

October 3, 2013October 1, 2013 Julie Campbell

As usage based programs become more common, it is changing the future of this part of the industry. As both vehicle and telematics technology continue to evolve and usage based programs come closer to the mainstream, the auto insurance industry is placing a much greater focus on the actual behaviors of the consumer, while behind the wheel. Some industry experts feel that coverage is now becoming a tool to encourage motorists to become better drivers. At the same time, it also means that increasing automation in vehicles, to the degree…

Usage based insurance may exchange discounts for privacy risks

October 1, 2013September 28, 2013 G. Turner

Although the programs are offering cheaper premiums to good drivers, it may come at a cost. Pay as you drive programs, also known as usage based insurance plans, are rapidly increasing in their popularity and use a wireless device installed in the car to allow the insurer to track the actual driving behaviors of the individual so that he or she can receive discounts based on safe habits. However, a recent study is indicating that in exchange for lower premiums, the driver’s privacy may be at risk. The usage based…