Live Insurance News

Usage based insurance makes its way into Spain through new policy

February 12, 2013February 11, 2013 H. Cutner

A new UBI solution has now been launched by a partnership between Telefónica and Generali Seguros. Drivers in Spain will now have the opportunity to take advantage of considerable savings based on their good and safe driving habits, if they choose to participate in a new usage based insurance program. The new product, which was just unveiled, is advertised as being able to save drivers up to 40 percent. The usage based insurance policy would require the drivers to have a device installed into their vehicles which would use Machine…

Usage based insurance intellectual property from Progressive can now be licensed

January 25, 2013January 24, 2013 Julie Campbell

The insurer is specifying that it is the intellectual property and not the software in the program. In December 2012, Live Insurance News reported that Progressive would be licensing the intellectual property for its usage based insurance program, and that other carriers would start being able to use it as of 2015. Many have wondered whether the program also includes the software for the UBI coverage. For this reason, the insurer has issued an additional statement to clarify that it is only the intellectual property relating to the usage based…

Usage based insurance raises concerns over privacy

December 28, 2012December 28, 2012 H. Cutner

The wireless monitoring devices that can lower premiums are making people wonder about data sharing. The wireless technology that is installed in a vehicle in order to take advantage of the possible savings from usage based insurance is starting to cause some concern among consumers who are becoming increasingly aware of the risks they are taking with regards to sharing their personal information. Some wonder precisely what is being collected and how it is being used and stored by insurers. The concept behind usage based insurance is that a wireless…

Usage based insurance licensing terms released by Progressive

December 24, 2012December 24, 2012 Julie Campbell

With six American patents in place, the insurer has now announced the rules for the use of its intellectual property. Progressive has just announced the terms of a new licensing program that it has developed for the use of its usage based insurance programs and the various proprietary elements that are related to them. The insurer has been carefully developing and protecting the various parts of these programs over the years. This licensing option has been long awaited by the industry, as the insurer has been indicating that it would…

Usage based insurance programs are growing

December 20, 2012December 20, 2012 Julie Campbell

These changes may soon be altering the entire face of the auto coverage industry. A report has just been released that has indicated that approximately 75 percent of companies in the property casualty industry believe that usage based insurance (UBI) will create a significant shift in the auto coverage from the current situation through 2020. The report said that 70 percent of insurers are already involved in some level of UBI. The report was created by Strategy Meets Action (SMA), which is an insurance advisory firm. It stated that among…

Usage based insurance may reach 50 percent in 8 years

December 13, 2012April 30, 2013

By the year 2020, over half of all auto policies may use UBI devices for premiums calculations. The results of a research study performed by Strategy Meets Action has revealed predictions that by the year 2020, one fifth of all insurers will have usage based insurance products that will cover over half of the entire personal auto coverage market. It indicated that there would be a very rapid growth in this sector of the industry. The name of the SMA study was “Telematics/Usage Based Insurance: A Catalyst for Change”. The…

Usage based insurance concept is launched in Oregon

December 11, 2012December 10, 2012 Julie Campbell

Technology will now be allowing drivers in the state to have premiums that reflect their behaviors. An auto insurer in Oregon, MetroMile, has announced that they will now be selling a usage based insurance policy that will calculate their premiums based on the number of miles that the motorist has driven. The insurer will be using a sensor installed in vehicles that records the miles driven in the vehicle. The company is taking a similar angle to a utility meter with the concept of usage based insurance, where the number…