Young drivers represent both a risk and an opportunity for insurers. On one hand, they tend to get in more accidents, and are particularly prone to distracted driving with smartphones. On the other hand, they represent a new generation of …
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 …
Allstate Corp., the largest publicly traded U.S. home and auto insurer, said the country’s transportation network is highly inefficient, with vehicles sitting idle for most of the day, and that the company is betting on inevitable changes to the system. …
California-based Quadrant Information Services, a provider of big data technology for the property/casualty insurance industry, warns that digitization is a two-edged sword: with increased capability comes an increased danger of expensive—and possibly actionable—data security breaches. Breaches of data security are …
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 …
The Internet of Things is changing the customer experience, according to Kevin Daley, chief business architect at IBM. Daley, who looks at existing and future technologies and has been with IBM for the past 15 years, spoke recently at Safelite …
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. …
More than half (56 percent) of the drivers participating in an Insurance Research Council (IRC) public opinion survey have made changes in how they drive since installing a telematics device provided by their insurance company in their primary vehicle. Thirty-six …
Usage-based insurance telematics have been used in underwriting and in developing new products, but industry experts say claims can benefit from it too. In a July 2015 blog, Strategy Meets Action partner, Monique Hesseling, explained that telematics is useful to …
The story of big data — the oceans of data that modern technology generates — in some ways presents a modern cliffhanger. Now that we have access to all of that data, what will we do with it? Actuaries heard …