Usage-based insurance

Forty-six percent of consumers are open to pay-per-mile and 45% are interested in a program that rewards safe driving with discounts, according to a Nationwide survey. Yet only 45% of agents offer telematics to a quarter or fewer of customers.

Only 32% of 2,750 U.S. consumers surveyed by the company in fall 2021 had been offered telematics-based insurance, the company said. Of those that were offered, 49% took the offer, and 64% have stuck with it.

Not only is digital technology changing but so is the regulatory landscape. Some U.S. states have passed laws that will lead the insurance industry to take a fresh look at technology such as Bluetooth and navigation because they capture significant amounts of personal information from drivers and occupants.

The acquisition is a win for Lemonade’s recently launched car insurance product. Metromile has a decade of driving data based on its usage-based model and it operates licenses in 49 states, all of which will be merged into a single company, if the deal goes through.

Arity, a mobility data and analytics company founded by Allstate in 2016, has made its nearly 100 million driving risk scores exclusively available on Transparent.ly, a platform for auto insurance marketers to leverage leads and target shoppers.

In other news: AgentSync acquires Finvera; Cart.com teams up with Extend; SkyWatch launches usage-based insurance with Global Aerospace.

Tesla jumped as much as 6.7% to a record high of $970.84 in New York, before paring gains to 4.4%, with the company’s market valuation around $955 billion.

In other news: Allstate closes $400M sale of New York life, annuity business; USAA partners with Blink by Chubb; Zurich North America implements Chisel AI.

Keynova Group released its Q3 2021 Mobile Insurance Scorecard, which evaluates the mobile websites and mobile apps from the 12 largest U.S. property and casualty firms. Geico placed first overall and leads scoring in mobile web and app.

Joe Wodark was recently named VP and GM of Verisk’s Internet of Things (IoT) and telematics business.

New company will offer Spanish-language telematics programs.

Both interested parties and actively using parties have increased in volume.

Newly combined company boasts more than 20 clients among the top 25 U.S. insurance companies.

Partnership allows connected-car owners to get Root usage-based insurance by using their car's data.

The insurer says the new offering will be distinct from its current SafePilot product.

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

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.

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

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