News

10.06.2014

New York has joined the long list of US implementing legislation, which actively supports the UBI in stimulating the mass market growth for the development of this insurance industry segment. In highly regulated markets such as the insurance industry, the favor of regulatory authorities in the United States is an important step towards a tipping point, and the vision of UBI product for the mass market. Therefore, such pace of developments in New York, the third most populous state, as an active support of insurance companies in the study of the telematics advantages is welcomed, and should make a lot to progress the insurance telematics industry segment. The New York State Department of Financial Services (DFS) assured that UBI will …

29.05.2014

Do insurance companies have enough driving data for prices and categories of risk approval for UBI insurance? Or do they just guess? Susan Kačinskas investigated. The profit question One of rather important questions unanswered concerning UBI insurance, is whether insurance companies get more (or the same) profits than the traditional suppliers of car insurance? In the short term, “it’s quite possible that the program of UBI insurance for new customers already laid costs,” – says Pete Frey, Product and Individual UBI insurance program manager from American Family Insurance company. “This applies to long-term strategy. In fact, the company hopes to achieve the greatest growth. “Among the costs attention to be adressed is the costs of telematics equipment (if the insurer …

27.05.2014

Do insurance companies have enough driving data for prices and categories of risk approval for UBI insurance? Or do they just guess? Susan Kačinskas investigated. In the world of usage-based insurance (UBI), Progressive is a rare exception: the huge amount of data about the driver – 110 terabytes cover about 2 million cars, 1.5 billion individual routes and more than 10 billion overomed miles – enables quickly test new factors determining the cost and makes it very carefully.” We always test some new ideas,” – said David Pratt, General Manager of UBI insurance from “Progressive”. – “Our research team will come up with a theory that can predict safe driving. With our big data set, we can test those quickly.” …

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