Live Insurance News

Usage based insurance is seeing stiff competition in auto industry

July 25, 2012April 30, 2013

Insurers scramble to take the lead in this rapidly growing market. Sprint’s recent announcement that it was stepping into the usage based insurance sector of the auto coverage industry was a clear indicator of the sudden and rapid growth of this market segment. The battle has already started among UBI programs even before many consumers know they exist. Many drivers have yet to know that this type of program exists. It is for just this reason that insurers are working so hard in the race to become the top usage…

Auto insurers introduce pay as you drive insurance

June 23, 2012April 30, 2013

Usage based coverage is increasing in popularity among carriers and drivers. Large insurers such as Allstate and Progressive are taking the auto industry in a new direction with pay as you drive insurance policies that track a motorist’s average speed, mileage, and other driving details that can help those customers to experience significant discounts in their premiums if they prove to be good drivers. Though usage based policies had a slow introduction, these efforts are now being accelerated. Carriers are finding that the popularity and possibilities of this type of…

.Insurance becomes popular target for insurers

June 16, 2012June 16, 2012 Marc

ICANN begins accepting applications for new domain names The Internet Corporation for Assigned Names and Numbers (ICANN), a non-profit organization t hat oversees the assignment of Internet identifiers, has expanded the availability of domain names for the sake of the financial services industry. Large companies will now be able to vie for the ownership of identifiers such as .bank and .insurance, as well as variants of these names such as .lifeinsurance and .insure. ICANN is now accepting applications for insurance companies who wish to make use of these new domain…

U.S. drivers turn to the Internet to find coverage

May 2, 2012May 26, 2012 Marc

Report shows that more consumers favor switching carriers over purchasing new policies J.D. Power and Associates, a global marketing information service, has released a new report that shows a sharp decline in the number of people purchasing auto insurance in the U.S. The report shows that the number of car owners that are purchasing new insurance policies is diminishing. These drivers are, however, switching insurance carriers at a higher rate. The report draws upon data collected by J.D. Power through a recent survey of U.S. auto insurance consumers. Many drivers…

Growing popularity of auto insurance telematics programs provide more discount opportunities

January 11, 2012May 5, 2013

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…