San Francisco — Exigen Insurance Solutions, an IT 2.0 provider specializing in rapid implementation of new business initiatives and products for the insurance industry, reported the results of its Pay-Only-As-You-Drive survey.
According to the survey, interest in pay-as-you-drive (PAYD) insurance has risen sharply in the past year. Low-mileage drivers see it as way to save money on their premiums, while public policy advocates see it as a green product that creates incentives for driving less—resulting in fewer accidents/claims, pollution, oil dependence and public infrastructure cost. In response, some U.S. insurers are moving quickly to introduce PAYD products, while many insurers are taking a more cautious approach.
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