Telematics

Usage-based insurance has finally come of age in the US insurance sector.

The Consumer Federation of America advises insurers to take certain steps to ensure policyholders who opt for usage-based insurance are protected.

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.

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.

New customers are signing up for the carrier's SafePilot UBI program at a 50% clip, and leadership says more focus on the currently-serving customer segment is in the future.

Drivers of Ford and Lincoln connected vehicles will be able to opt in to letting Arity score their driving data for UBI purposes.

Claims costs went up despite fewer miles driven, and other surprising results.

Also: news from insurtechs Buckle, Foxquilt, Smartcar, True Mileage

The benefit goes beyond compliance: It allows an organization to demonstrate that they are prioritizing the consumer's privacy expectations.

To help insurers better understand COVID-19’s impacts, TransUnion recently conducted a survey of U.S. consumers with active auto, homeowners, renters and/or life insurance policies.

The appeal of telematics to insurers lies in its potential to improve loss ratios through active engagement with policyholders.

Auto insurance company brands new telematics program for commercial under personal lines program umbrella.

More auto insurance customers are ready to try telematics, giving insurance agents an opportunity to grow their business and enhance relationships, according to a new report from insurer Nationwide.

Metromile will combine with a special purpose acquisition company, or SPAC, called Insu Acquisition Corp II.

The telematics insurtech is launching during COVID, but that doesn't deter chief underwriting officer's enthusiasm for its potential.

The carrier has made aggressive moves to partner and enroll more customers in usage-based insurance.