Telematics is very much in the news this week. In addition to the release of “Telematics/Usage-Based Insurance: A Catalyst for Change," a research paper from Strategy Meets Action, coverage in The New York Times and, my favorite: “How a Creepy Car Insurance Idea Could Save Thousands of Lives (and the Planet),” in The Atlantic; we also have the launch of MetroMile, a new UBI insurer in Oregon.
The premise behind MetroMile is that the company charges policyholders a monthly per-mile rate, offering discounted premiums to lower-mileage drivers. Drivers are then further incented to drive less in an effort to keep their rates low, which we, as a society, are already doing as a function of several factors, including high gas prices, high unemployment rates and a migration to our nation’s cities.
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