Google and Apple may become market disrupters by supporting mobile applications Both Google and Apple may soon become disrupters in the auto insurance market. A growing number of insurers are beginning to use telematics to offer new, usage-based policies that are popular among consumers. These companies are using relatively expensive devices to monitor the driving habits of policyholders and this information is being used to determine the cost of an actual insurance policy. Mobile application may soon become a powerful tool in helping insurers cut the upfront costs associated with…
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Usage based insurance boosts popularity by assuaging privacy concerns
Both consumers and commercial fleets are increasingly embracing UBI programs and their tracking devices. Consumers and managers of commercial fleets, alike, are experiencing a shift in their opinions with regards to usage based insurance, as the benefits of being able to save money and encourage safer driving practices appear to be winning out over concerns with regards to privacy. These auto insurance programs have been slow to be accepted due to the telematics devices that track vehicles. Drivers are starting to discover that there are some considerable financial benefits that…
Read MoreHealth insurance may get much more expensive for common care
Consumers expected to see major shift in health insurance costs in 18 months U.S. consumers may be in for a shock if they need to visit the hospital for any reason soon. Over the next 18 months, employer-sponsored health insurance is expected to become vastly more expensive as companies push workers to contribute more to their policies. Other companies are expected to drop coverage in an attempt to cut costs, driving workers to seek out policies from private insurance companies, which are also looking to limit their exposure to financial…
Read MoreEmployer sponsored health insurance here to stay
Study takes aim at employer-sponsored health insurance The Affordable Care Act has created a degree of uncertainty surrounding the issue of employer sponsored health insurance. The law is slated to make significant changes to the U.S. health care system, but the majority of these changes will not go into effect until 2014. The law was passed in 2010, providing ample time for worry and concern to take root in consumers and businesses alike. A recent study from Towers Watson, a leading professional services firm, takes aim at the issue of…
Read MoreInsurance industry revolutionized through the use of predictive models
Models enable insurers to predict future events and their impact The global insurance industry has long been keen to make note of the changes in the world that could affect its exposure to risk and financial loss. Over the many decades of its existence, the insurance industry has become quite proficient at predicting the future and adapting according to the dangers it foresees. This is largely due to the advent of predictive models, a tool used throughout the industry to calculate risk and price coverage accordingly. These models were the…
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