Live Insurance News

Auto insurance proof of coverage in Arkansas goes digital

March 1, 2013February 27, 2013 Julie Campbell

The House has given its approval for allowing drivers to use mobile devices to show active policies. The Legislature in Arkansas has just approved a new bill that will allow drivers within the state to use smartphones, tablets, and other types of mobile devices in order to display an electronic or digital version of their proof of auto insurance card. The electronic copy will be considered completely acceptable in place of the traditional card. The 91 to 0 unanimous vote among the lawmakers in the House passed a proposal backed…

Telematics – A new business model

February 22, 2013April 14, 2014 Rose Stuart

Much has been written about the pros and cons of using telematics… and many insurers have made a business case for implementing usage-based insurance in the auto industry. However, the challenge often ignored is how to store and analyze this explosion of data created by these activities. First of all, let’s consider the amount of data automotive telematics devices are expected to generate. Every second a telematics device will produce a data record. This data record will include information such as date, time, speed, longitude, latitude, acceleration or deceleration (g-force),…

Usage-based auto insurance comes to Utah

February 22, 2013April 30, 2013

Allstate introduces new auto insurance program in Utah Auto insurance is taking a new turn in Utah. Drivers throughout the state will now have an opportunity to save money on their auto insurance coverage, thatnks to Allstate’s DriveWise program. The program is designed to gather information concerning a person’s driving habits and use this information to price coverage. This information is gathered through a simple device that can be installed beneath a vehicle’s steering wheel. Alternatively, On-Star using can also take advantage of the program without having to install an…

Auto insurance consumers feel the pain of whiplash in their wallets

February 15, 2013April 30, 2013

The largest insurer in the United Kingdom has revealed the cost of the condition on monthly premiums. Aviva, the U.K.’s largest auto insurance company, has just revealed the impact that whiplash claims have on the monthly premiums paid by policyholders, showing that they pay an average of £118 more per year as a result of that issue, alone. The insurer has also stated that it believes that handling claims directly could reduce costs by £1.5 billion. According to the auto insurance company, since October 2008, premiums have increased by 80…

Auto insurance no more popular following celebrity ads

February 2, 2013January 31, 2013 Julie Campbell

The industry has spent billions on actors and athletes, but it has made little difference for boosting sales. A recent report by McKinsey & Co. has revealed that while American auto insurance companies spent billions to include professional athletes and famous actors in their ads, but when all was said and done, they had little to show for it. There appears to have been a virtual race to generate the best marketing over the last ten years. The auto insurance companies in the country have increased their marketing spending by…