Live Insurance News

Usage based insurance subscribers expected to double

June 24, 2013June 22, 2013 Julie Campbell

Over the next three years, there will be twice as many users of UBI auto policies in the United States and Europe. According to the latest data from Frost & Sullivan, a business consulting firm, sixty percent of large insurers in the United States are already offering usage based insurance telematics programs to provide discounts to their auto insurance customers who are safe drivers. The U.S. is seen as the fastest growing market for this type of coverage technology program. Among those auto insurance companies who are offering this type…

Usage based insurance coming to Canadian province of Alberta

May 22, 2013May 25, 2013 Julie Campbell

Drivers may soon be able to prove to their insurers that they are safer and be rewarded with discounts. Motorists in the Canadian province of Alberta could soon have the option to have telematics devices installed in their vehicles so that they can take advantage of discounts from usage based insurance programs when they prove that they have cautious driving habits. The province is currently studying the technology which would reward safer drivers. The usage based insurance devices would be installed on a voluntary basis to allow motorists to show…

Usage based insurance technology embraced by drivers who want to save

May 18, 2013May 25, 2013 H. Cutner

According to the results of a recent survey, drivers will report their data in order to achieve greater savings. The results of a survey from Cisco Systems, the networking giant, have now been released in a report from the company that have shown that usage based insurance has great potential as consumers are willing to embrace technology in their vehicles in order to enjoy lower premiums. Consumers have shown that they would be willing to allow insurers to track their driving data in exchange for savings. The results of the…

Telematics: The rise of usage-based insurance

May 17, 2013May 25, 2013 S.Vagus

Usage-based insurance is gaining traction Usage-based insurance coverage had, once upon a time, been considered little more than a fantasy. Now, however, it is becoming much more of a reality as we see insurance giants roll out their new auto insurance plans based on this technology. As the term suggests, usage-based insurance is based on driving behavior. This means that policyholder’s rates are based on how many miles driven, what time of day and safe driving habits and more. Determining whether or not coverage is in use can be a…

Usage based insurance is causing a growing privacy concern

March 28, 2013March 26, 2013 H. Cutner

Though consumers are keen to save money on their policies, they wonder if they might be sharing too much. With the increasing popularity of usage based insurance programs, individuals and organizations are starting to look beyond the potential for saving money and are discovering that a large amount of information is being shared with the insurers. This is causing them to question exactly what and how much data is being collected. A vehicle is already naturally collecting a great deal of information about the way that a driver uses it.…

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…