Three frontrunners lead US property & casualty (P&C) insurers’ priorities for data and advanced analytics: customer experience; claims management; and telematics data for pricing, customer selection and product design. This finding, and the growing range of data sources that insurers …
Auto insurance is experiencing its most seismic shift since it began over 100 years ago. If 2017 shook up the industry with an increasing number of carriers adopting mobile telematics programs for UBI, 2018 will break the mold. Carriers will …
A new telematics study by LexisNexis Risk Solutions found that most car buyers don’t seek out advanced safety and connectivity features in new cars, however 76 percent of connected car owners are pleased when they discover the benefits of having …
Though usage based insurance (UBI) has been around for some time, the use of telematics is expected to expand, according to Dawn Mortimer, assistant vice president of IoT/Telematics Claims Product Development for Verisk Insurance Solutions. “I’ve worked at carriers where …
A new LexisNexis Risk Solutions study on usage-based insurance (UBI) found that a surprising number of U.S. drivers (50 percent) report enrolling in pay-as-you-drive policies when offered, yet few are given the choice, revealing a significant market-building opportunity for auto …
Over the next two years, many property/casualty insurers expect to advance their use of predictive analytics to both improve business performance and leverage big data, according to Willis Towers Watson, a global advisory, broking and solutions company. This seemingly makes …
While information derived from usage based insurance telematics hasn’t been fully utilized in the claims process, the benefits it can provide – consistency, efficiency and accuracy – offer a way to reduce claims costs according to David Lukens, LexisNexis director. …
By 2025, 104 million new cars are expected to have some form of connectivity, according to a report on telematics by Ernst & Young. Because customers have more control, telematics offers the potential for better risk management and more consumer …
A veteran computer scientist hates sitting in his car at stop lights, so he creates software that makes the experience less annoying. A former engineering professor wants to double the range of today’s electric vehicles. And an aeronautics expert believes …
Property/casualty insurance information company Verisk Insurance Solutions is teaming with a technology firm to provide insurance companies with the ability to collect automobile odometer readings for insurance rating and usage-based insurance (UBI) programs. The product, called OdometerConfirm, allows insurers to …