IOT/Telematics

Launched by former DriveFactor exec Steve McKay, company is tackling telematics-based insurance for commercial customers.

Given how driving patterns changed so significantly during the pandemic, there is an opportunity for carriers to further educate consumers about the benefits of telematics during the claims process.

Nearly one year after the onset of the pandemic, not only has interest remain elevated, but adoption has increased two-fold.

Also: New data hire at Amerilife, European expansion at Insurify.

Smart sensors have the ability to offer insurers risk reduction and long-term return on investment in claims reduction while benefiting millions of homeowners.

While the majority came from new customers, some existing clients switched as they cut back on driving, said Glenn Shapiro.

The Simplisafe system, including HD camera, water and motion sensors, will be provided with eligible policies at no extra charge.

The FairMile program couples an on-board device with a mobile app.

General Motors, Ford, and Honda are already members of the exchange, which connects multiple automakers and other data partners with insurers.

MilesMyWay was in development pre-pandemic, but was prioritized as the carrier saw habits change.