Topics » Insurance Sector
05 Jan 2012
As tests show drivers reaction speeds when having a cold are worse than people who have downed four large whiskies, therefore drivers have been urged not to take to the road in that state.
Read Article24 Dec 2011
According to Moody's Investors Service, personal-auto insurers at the forefront in offering usage-based insurance products will gain "a significant competitive advantage" in pricing and policy retention, while companies that don't offer such products may face adverse selection in the future.
Read Article20 Dec 2011
Motor insurers looking for a solution to get around a European ban on charging male drivers more than women are turning to innovative black box technology that could trigger an upheaval in the way car insurance is sold.
Read Article10 Dec 2011
Hartford Financial Services Group Inc. plans to launch a pilot program next year using onboard telematic devices to price auto insurance. The system, called TrueLane, will roll out in the first half of 2012, according to the president of Hartford's consumer markets division, Andy Napoli.
Read Article05 Dec 2011
Technology will become central in terms of competiveness with increasing pressure on insurance companies to support improved driver safety and bring claims inflation and prices under control. As Towers Watson DriveAbility UBI programme director of analytics, Tony Lovick, stated, the recent expansion in companies offering usage-based insurance (UBI) policies with telematics, is putting those companies without at risk of eventually being left with the bad risks.
Read Article29 Nov 2011
A new insurance brand supported by former England footballer Gary Lineker should provide young drivers with better deals. Ingenie, underwritten by Ageas, targets drivers between 17 and 25, who have been priced off the road by rocketing car insurance costs. Using advanced in-vehicle telematics technology to assess individual driving styles, insurance premiums can be adjusted accordingly. Ingenie hopes to incentivise better and safer driving.
Read Article23 Nov 2011
Britain's young drivers are being encouraged to drive more safely thanks to the introduction of telematics technology, according to The Co-operative Insurance. More than a third of drivers are driving in an ‘excellent' way, with a small proportion guilty of ‘poor' driving.
Read Article20 Nov 2011
GPS fleet management software provider, Telogis Inc. has bought a devision of United Technologies Corp, which expands its business in the insurance market. The acquisition, which terms were not disclosed, includes UTC's Onboard Advisor, a loss prevention service offered exclusively by Liberty Mutual Agency Corp. and NavLogix subscription service.
Read Article05 Nov 2011
According to MyDrive Solutions' CEO, Linden Holliday, telematics became interesting to the insurance companies due to price reduction of monitoring technilogy and recent legislative decisions which cut their ability to individualise charges. Insurance telematics innovations play an helpful role in this context.
Read Article31 Oct 2011
As the insurance industry's use of predictive analytics evolves, innovations like telematics based "pay as you drive" auto insurance may reduce the need for proxy underwriting factors such as credit scoring.
Read Article22 Oct 2011
As the auto insurance industry is heading down with so-called „pay-as-you-drive" insurance rates, based on a monitoring system, privacy concerns are raised. Where Insurers are contend that basing rates on how drivers use their cars can cut rates, privacy advocates call it a Big Brother system.
Read Article09 Sep 2011
Why usage-based insurance is poised for growth in the US, despite low consumer awareness.
Read Article05 Sep 2011
How federal and state regulations can help create new business opportunities for usage-based insurance.
Read Article05 Sep 2011
Telematics-based online Motor insurer insurethebox has released its first renewal statistics since going live last summer: Most of its policyholders were offered cuts in their insurance premiums compared to last year. Despite a 30% annual rise in car insurance prices generally, some savings came to as much as £800 or more.
Read Article01 Aug 2011
The driving habits of personal auto consumers are shaping the way carriers price coverage today. Those carriers providing usage-based insurance (UBI) options, including telematic systems or devices to monitor an insured's driving and mileage habits, are finding increased interest from consumers thanks to driver discounts for customers willing to participate.
Read Article23 May 2011
According to an article in Financial Times Germany, it seems that a part of the German Insurance industry is up in arms against the proposed eCall legislation by the EC.
Read Article10 Mar 2011
Most insurers have struggled to make telematics, the integrated use of telecommunications and information in cars, an integral part of their core business strategies. For the most part, it was due to the cost of the telematics device or platform and the inability to create compelling value for the consumer that includes sharing driving data as the basis for pricing and underwriting.
Now, with advances in automotive technology and smartphone applications, there is a big opportunity for insurance companies to get in the action...
BLOG @Insurance Networking News
Read Article10 Mar 2011
According to the European Commission, every new vehicle in the future will be equipped with a device which sends an alert in case of a severe accident. Many insurance companies now fear that car manufacturers will use the technology to destroy the insurance's claims management.
Read Article02 Mar 2011
The Public Insurers, Germany's second largest insurance group with a market share of about 11%, have decided to implement telematic services for their members' auto insurance offerings. "Mein CoPilot" (My CoPilot) offers security and safety services like automatic crash notification and stolen vehicle tracking.
Read Article28 Feb 2011
Pay-As-You-Drive auto insurance programs are becoming very popular because of saving drivers up to 54% costs according to GMAC. Usage based insurance (PAYD) premiums are calculated dynamically according to a driver's vehicle type and driving style.
Read Article08 Feb 2011
The amount of money the average American spends on car insurance over a lifetime adds up to a sizable chunk of change. Insurance.com explains what consumers are paying for, points out where they may be overpaying and provides advice on how to keep that lifetime average to a minimum.
Read Article25 Jan 2011
Schaumberg, Ill.-based Zurich North America is offering its fleet insurance clients Zurich Fleet Intelligence, a unit that combines telematics data, risk engineering and analytics to help fleet managers manage operating costs.
Read Article25 Jan 2011
Quartix has won a major contract to supply Coverbox with its latest vehicle tracking device.
Read Article11 Jan 2011
LOS ANGELES, Jan. 4, 2011 /PRNewswire/ -- As states across the country continue to look for ways to lessen their residents' impact on the environment, a number of them are looking at the potential of pay-as-you-drive car insurance - also known as PAYD - to reduce traffic and carbon emissions while saving money for a substantial number of policyholders. OnlineAutoInsurance.com recommends that consumers ask coverage providers about the availability of PAYD programs in their states and whether using this option could amount to substantial savings.
Read Article24 Dec 2010
CAR insurance rates have always been based on risk, and risk has usually been measured by the number of miles driven. So drivers often underreport the miles they travel to keep their rates low - at the expense of other drivers. But a form of insurance that requires electronic verification of miles driven, in return for a discount, is gaining popularity. These so-called pay-as-you-drive policies - miles are often tracked through a GPS system in the car - are now offered in more than half of the states and are spreading, albeit slowly, despite privacy concerns.
Read Article17 Nov 2010
Leveraging existing automatic crash notification technology in more than 8 million connected vehicles on the road today in North America could generate immediate savings to auto insurers - with little investment - by simply providing earlier notification of a vehicle loss.
Read Article21 Oct 2010
OnStar is in discussions about lining up insurance discounts for its customers as a way to incentivize consumers to keep the $199-plus annual subscription to General Motors' telematics service, President Chris Preuss said.
Read Article18 Oct 2010
Tiger.co.uk, the U.K.-based insurance comparison site, is now working with a new partner, InsureTheBox, an innovation in car insurance that uses telematics technology to help calculate annual premiums.
Read Article11 Oct 2010
John Reynolds vice president of strategic relations with Intelligent Mechatronic Systems (IMS) talks about IMS.
Read Article26 Sep 2010
Banning newly qualified young drivers from night-time motoring and carrying passengers of a similar age misses the point," comments Mark Grant at insurethebox, an innovative new car insurance option in the U.K.
Read Article22 Sep 2010
Hughes telematics has announced that it has secured client relationships with three industry leaders, including two Fortune 100 companies, for its In-Drive aftermarket solution.
Read Article20 Sep 2010
In our previous entry on telematics, we addressed the opportunities and challenges the industry has faced in adopting telematics, and the measures that will increase the likelihood of success. This article looks at some of the possible business models insurance companies can adopt around telematics.
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13 Sep 2010
The 2010 Frost & Sullivan Europe Growth Leadership Award in Telematics enabled Usage Based Insurance (UBI) is presented to Octo Telematics S.p.A. (Octo). "The company's ability to offer unique UBI based on various algorithms and to balance diverse regional markets by strategically positioning its services has enabled it to remain a market leader for almost three years," notes Frost & Sullivan Research Analyst Mohammed Mubarak. "Octo's extensive telematics production line and ability to cater to unique regional needs within the insurance industry are commendable."
Read Article10 Sep 2010
In our first entry on telematics, we noted how it is poised to turn the auto insurance industry's business model on its head. But as the industry faces challenges in implementing telematics - particularly in terms of customer privacy - firms must determine the most compelling propositions before going to market.
Read Article03 Sep 2010
By citybizlist Staff
ATLANTA -- Hughes Telematics Inc. (NYSE: HTC) expects at least $24.4 million in revenue over the next two years from an agreement to provide in-drive telematics services to an unnamed insurance company's customers, according to an SEC filing.
Read Article27 Aug 2010
Here's an interview with Rick Burtner, senior vice president and general manager of the Location-Based Services Group at Numerex. He speaks about the future of insurance telematics.
Read Article08 Jul 2010
Sword Insurance will focus on software and delivery capabilities in areas including mulit-channel distribution, business intelligence and policy administration.
Read Article06 Jul 2010
The European Health Insurance Card makes it easier for people from the European Union's 27 Member States plus Iceland, Liechtenstein, Norway and Switzerland to access healthcare services during temporary visits abroad.
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21 Jun 2010
MAYFIELD, Ohio -- Progressive Corp. says Liberty Mutual Group has copied its idea for using an in-car monitoring system to help determine auto insurance rates.
Read Article21 Jun 2010
Amadeus Capital Partners, the European technology Investor, has announced its investment in the spin out of Octo Telematics from Italian conglomerate, MetaSystem, who have funded and will continue to supply components to Octo.
Read Article14 Jun 2010
A Catlin-backed motor insurance for new-qualified drivers called insurethebox is now available, charging per mile driven and giving as many as 100 free extra miles a month for the safest drivers.
Read Article01 Jun 2010
insurancethebox provides a motor insurance product which harnesses telematics technology to assess individual driving habits.
Read Article27 May 2010
TU talks to Rakesh Mishra, vice president of product management at Farmers Insurance
Rakesh Mishra is a pioneer of usage-based insurance (UBI) products in the US personal auto insurance market. His collaboration with product development engineers led to the launch of the first telematics-driven, usage-based auto insurance product in 1998. Among his current priorities is the design of a cost-effective business model to implement pay-as-you-drive insurance products.
Read Article22 May 2010
May 22 (Bloomberg) -- State Farm Mutual Automobile Insurance Co., the largest U.S. car insurer, is the first to apply to the California regulator to offer pay-as-you-drive coverage in which motorists get discounts for traveling less. The application is under review, California Insurance Commissioner Steve Poizner said yesterday in a statement.
Read Article21 May 2010
Lynch will lead new alliance formed through The Council for Insurance Agents and Brokers, MarketCore and LexisNexis to improve the efficiency and transparency of the intermediary distribution system.
Read Article
20 May 2010
"insurethebox" promises savings and value, particularly for younger and low-mileage drivers
Beginning this week a new variable-priced auto insurance program is being offered to U.K. drivers which promises to revolutionize the way you pay for car insurance. Global economic stressors and other factors have been steadily driving up the cost of buying and owning a car.[i] Insurance is generally considered a fixed cost with respect to vehicle use and according to data published by the Victoria Transport Policy Institute, typically the third largest ownership expense, after depreciation and fuel.[ii]
Read Article14 May 2010
The Collision Repair Executieve Webcast (CREW) welcomes David Ferrick, vice president and general manager Insurance Market for Cross Country Automotive Services, a pioneer in creating technology enabled service solutions for the auto and insurance industries.
Read Article10 Apr 2010
The latest pay-as-you-go car insurance launches this week using a satellite black box to monitor how a car is driven and reward careful drivers. The cover from insurance underwriting agency Insure the Box is aimed at motorists who drive a limited number of miles each year, such as school-run mums and second car users. It is expected to be competitive for younger drivers who typically face high premiums.
Read Article02 Apr 2010
London, 31st March 2010 - Wireless Logic (www.wirelesslogic.co.uk), the UK's leading independent M2M connectivity supplier, is today launching Wireless Logic Airtime Finance; an industry first opportunity for companies to gain managed financial support to fund M2M applications and an alternative to traditional finance deals. For the first time, companies will be able to bundle connectivity together with hardware and software costs, into one airtime contract.
Read Article25 Mar 2010
We've all experienced the frustration before: An auto insurer asks for some basic information-age, sex, credit score, and driving record-plugs that information into an equation, and voila! Out pops a premium that only vaguely represents how you as a driver really drive.
Wouldn't it be nice if premiums were instead determined by actual performance on the road, with law-abiding, fuel-conscious drivers rewarded with low premiums and those hard-braking, fast-accelerating maniacs stuck with higher ones?
Enter the field of insurance telematics, which proposes to use telecommunication devices to transmit real-time driving data to insurers, who can then glean a more accurate picture of driving behavior and use it to set fairer rates.
As a bonus, insurance agents can use those same devices to offer new services to their customers, like real-time navigation, vehicle diagnostics, and in-car entertainment.
Read Article23 Mar 2010
New York Times Blog
Wheels - The Nuts & Bolts of Whatever Moves You
March 23, 2010, 2:00 pm
Would you let your insurance company electronically monitor your driving if you knew it might result in a discount?
That is what the insurance industry is trying to figure out. There is a movement to create "pay as you drive" or "usage-based insurance" that would charge people based on not only how many miles they drive, but how they drive those miles.
Read Article
18 Mar 2010
Thanks to Meta Systems and its Octo Telematics subsidiary, the Italian market has become the de facto European proving ground for pay as-you-drive insurance products. Octo Telematics pioneered pay-as-you-drive insurance in Italy and elsewhere in southern Europe with a connectivity box capable of providing tracking and stolen vehicle recovery services.
As a result, it is no surprise that Allianz chose Italy for the launch of its Service Pack and Pay Per Use services more than a year ago. Many insurers in Italy provide PAYD products and services. By some estimates, as many as 800,000 drivers are enrolled in such programs.
Read Article03 Mar 2010
Mar 3, 2010 01:19 PM ET
By Mike Hales, Joe Reifel, Gang Xu and Andrew Beebe of A.T. Kearney.
Introduction
Telematics-the integration of global positioning system technology and mobile communications-could dramatically alter the auto insurance industry. From personalized premiums based on individual driving data to automated emergency services and entertainment-based add-ons, telematics has the potential to upend the stable model that has dominated the industry for more than 50 years. The winners will be those early movers that capture the safest drivers, take advantage of pricing power and ease consumers' concerns about privacy. This, the first in a series of three articles, looks at some of the challenges insurance companies have faced adopting telematics, where it has been adopted thus far, and where it might offer the most compelling propositions.
10 Feb 2010
MILAN (AFX) - Which highway traveler in Italy has not heard their information about traffic and road conditions? All regular drivers, but not everyone might know that this information is provided by Octo Telematics, the company that distributes and monitors traffic sensors manufactured by MetaSystem Group in Reggio Emilia.
Well this brand is now for sale and potential buyers are not lacking; beginning with the Fiat and Ferrari Chairman Luca Cordero di Montezemolo and his son Matteo, promoters of Montezemolo & Partners (PGHN.SW - news) sgr, the company that serves as advisor for the Charme family fund.
Read Article07 Dec 2009
The Finland-based Panda Group - an acornym for Pohjola, Aplicom, Nokia, Destia and Astarte, has announced a new pilot program testing the use of GPS data to determine insurance premiums and road tolls.
Read Article15 Nov 2009
According to a CSC-source, Michigan-based Jackson National Life Insurance Co. has licensed CSC's Business Analytics software to access and analyze business intelligence information from the carrier's multiple financial service systems. Jackson, a prominent individual annuity writer, will use the software to track key metrics and proactively address rapidly changing market conditions.
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03 Nov 2009
Vista, California (November 3, 2009) - Directed Electronics, the largest supplier of aftermarket vehicle security and remote start systems in North America, announced today that it has signed a memorandum of understanding with Octo Telematics S.p.A., the leading insurance telematics provider in Europe, to develop telematics services for the U.S. and Canadian vehicle insurance markets.
Read Article20 Oct 2009
What are the success factors driving the hot topic of connecting in-vehicle telematics with the insurance industry? The commercial attraction of usage-based insurance schemes is obvious but the obstacle of consumer uncertainty has yet to be conquered. Stephen Longden, ITS & Telematics Specialist at SBD, talks about current developments and trends in Pay As You Drive (PAYD) insurance.
Read Article20 Oct 2009
Octo Telematics is the exclusive partner of UNIQA Group Austria, one of the leading insurance groups in Central Europe, which is currently expanding their new car and motor telematics policies to reach a wider user base.
Read Article16 Oct 2009
Commissioner Poizner announced today that the final pay-as-you-drive regulations, which will enable insurers to offer consumers another auto insurance option, allowing rates to be based on actual miles driven as opposed to estimated miles driven, have been approved by the Office of Administrative Law and are now in effect. Commissioner Poizner originally proposed pay-as-you-drive regulations in September 2008.
Read Article24 Sep 2009
Farmers Group Inc., the U.S. unit of Zurich Financial Services AG that bought AIG's auto-insurance business in April, plans to lower premiums by charging drivers for coverage by the mile, measuring car usage by iPhone and BlackBerry.
08 Sep 2009
Steve Poizner, California's Insurance Commissioner, has issued final pay-as-you-drive regulations that will enable insurers to offer vehicle insurance rates based on actual miles driven as opposed to estimated miles driven.
Read Article28 Aug 2009
GE Security and Liberty Mutual Agency Markets have partnered to improve fleet operations through the use of web-based technology - Onboard AdvisorTM. Using GE Security's NavLogix software and data from an accelerometer, the new fleet management system enables managers and fleet owners to reduce insurance, fuel and maintenance costs whilst providing an accurate account of the location of each vehicles.
Read Article21 Aug 2009
An innovative Pay-How-You-Drive motor insurance policy known as PHYD has been launched by Acorn Insurance and Financial Services.
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04 Aug 2009
"After releasing the last draft of the Pay-As-You-Drive regulations, we received dozens of comments from consumer groups, the insurance industry and other interested parties. After careful consideration of these comments, I have issued revised regulations that will continue to protect the privacy of California drivers while paving the way for insurance companies to offer innovative Pay-As-You-Drive and "price per mile" insurance," Commissioner Steve Poizner said in a statement.
Read Article28 Jul 2009
As people drive less, GMAC Insurance embraces mileage-discount auto insurance in the form of their Low-Mileage Discount program. The program concept is simple: those who drive less, pay less.
Read Article28 Jul 2009
Progressive Insurance Company has rolled out its version of the “Pay As You Drive” auto insurance program, which the company has named MyRate, in Texas—the 15th state in which the program is available.
Read Article22 Jul 2009
With the release of INRIX Historical Traffic Speeds for Europe, INRIX has improved routing and travel times by using crowd-sourced data. Designed for mobile and vehicle-based navigation systems, the application encompasses accurate speed information for more than 420,000 km of roadway networks in Germany, France, the UK, Netherlands, Belgium and Luxemburg.
Read Article17 Jun 2009
The Hartford Courant -- Drivers who keep their lead foot off the gas and quit jamming on the
brakes could steer their way to savings on auto insurance through a
program that a major insurer has just expanded to Connecticut. Progressive's MyRate plan, already offered in 14 other states, is a
voluntary program for consumers who don't mind a little blue box in
their vehicle that tracks their driving style and tattles to the
insurer.
05 Jun 2009
The New American Foundation's compendium of 33 state climate action plans shows that 12 of 33 states plan explicitly cover PAYD Insurance.
Read Article19 May 2009
Washington, - Insurers are permitted to develop and sell usage-based insurance if the insurance is approved by the Commissioner.
Read Article17 Jan 2009
Octo Telematics has signed an agreement with P&V Group in Belgium for the provision of cutting-edge insurance telematics applications for new motor insurance policies dedicated to young drivers. Octo Telematics is a MetaSystem Group company specialising in the provision of telematics services and systems, mainly for the insurance and automotive market, with over 700,000 subscribers to its services. With this new contract the company now supports 38 insurance clients - including all of the top five European Insurance Groups and leads the European automotive insurance telematics industry with an 80% market share.
Read Article11 Dec 2008
The three companies will also make available the insurance telematic services of Octo Telematics through Magneti Marelli's infotelematic platform.
Read Article12 Nov 2008
SBD published a new report giving answers to usage-based insurance business models.
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29 Oct 2008
Moscow, October 29th, 2008 – Octo Telematics, a MetaSystem Group company and global market leader in research, development and management of cutting-edge telematics applications for auto insurance, and Cesar Satellite, the Russian market leader in satellite surveillance services and vehicle theft prevention, announced today the formation of Octo & Cesar Telematics Russia.
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20 Oct 2008
If the cost of filling up has you driving less, listen up. As the price at the pump goes up, so do the amount of drivers looking to lower their mileage.
Problem is whether you're driving 50 miles or 50,000 miles you're still paying the same amount for car insurance.
Your insurance company may be offering something new. It's called pay-as-you-drive insurance, and as the name suggests some drivers could save big bucks.
But buyer beware, the latest way to save could potentially violate your privacy...
Consumer alerts article explores the controversy!
13 Oct 2008
DriveAssist's Innovation Helps to Eliminate Temptation of the Number One Driver Distraction - Talking and Texting on Cell Phones
October 13, 2008 12:00 PM Eastern Daylight TimeCOLUMBUS, Ohio--(EON: Enhanced Online News)--Nationwide Mutual Insurance Company and Aegis Mobility announced today an exclusive partnership to tackle the growing problem of distracted driving with the first of its kind cell phone technology, which empowers consumers to manage the distraction of cell phones or text messaging devices while a vehicle is in motion. Aegis Mobility's DriveAssistTM automatically detects the onset of driving and enables parents and corporations to stay in touch with their teens or employees while minimizing cell phone use when driving. Nationwide Insurance® plans to offer an auto insurance discount for policyholders who sign up to use DriveAssistTM.
Read Article06 Oct 2008
It's not the end of the road just yet... even though Norwich Union paused their PAYD program, it was highly successful. Customers were seeing an average redection in premiums of 30 per cent, while Norwich Union saw a 30 per cent reduction in claims. High start-up and product costs were leading to this decision.
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01 Oct 2008
Octo Telematics, a MetaSystem Group company, both forerunner and global market leader in research, development and management of insurance telematics applications for the automotive sector, announces new agreements for the provision of cutting-edge insurance telematics applications in France with Amaline Assurances, a Groupama company and Aviva. With these two partners, the company is now doing business with 36 client-insurance companies worldwide.
Read Article24 Sep 2008
ZURICH: Finance News | Wednesday, 24 September 2008 10:32
Increased competition and the growing need for individualized and customized insurance products require groundbreaking innovations. Against this background, Accenture along with the “I-Lab,” a joint research initiative of the Swiss Federal Institute of Technology (ETH) Zurich, the University of St. Gallen (HSG), and the insurance industry, has released a study on the importance of new technologies in the insurance sector.
23 Sep 2008
Real Insurance's trust-based PAYD program bypasses stubborn privacy and technology cost barriers.
Read Article19 Sep 2008
By Anthony O'Donnell
Sep 19, 2008 at 08:44 AM ET
Our recent report on Real Insurance's mileage-only pay-per-drive policy raised, once again, the question of what it will take to get drivers to use such programs. Industry observers have predicted the resurgence of telematics (the monitoring of driver behavior via telemetry) but privacy concerns continue to shape insurers' pay-per-drive strategy, as the Real Insurance example demonstrates. The Australian insurer bypasses the "Big Brother" fears associated with telematics-based pay-per-drive programs by dispensing with telemetry all together and relying instead on customer-reported mileage alone.
Read Article18 Sep 2008
LONDON--(BUSINESS WIRE)--The pay-as-you-drive (PAYD) service is gaining increasing acceptance in Europe as it has significantly brought down the insurance premium for drivers. PAYD was first introduced as a measure to reduce insurance fraud and having proved its insurance premium benefits for the end customers, the insurance companies are now emphasising on the benefit of reducing the emission and improving the road safety.
New analysis from Frost & Sullivan (http://www.automotive.frost.com), An Update of European Markets for Telematics-Based Pay-As-You-Drive Vehicle Insurance, finds that the market earned revenues of €18.64 million in 2007 and estimates this to reach $141.81 million in 2015.
Read Article28 Aug 2008
Tobias Ryberg, senior anylist at Berg Insight, gives ten good reasons why insurers should care about telematics:
Read Article29 Jul 2008
A high-tech monitoring device makes it possible to reduce insurance premiums for drivers who avoid jackrabbit starts and slam-on-the-brakes stops, an insurance company says. Auto insurer Progressive Corp. has begun offering its drivers the chance to cut their costs based on how they actually drive, not only on their age, credit score and number of tickets or accidents on their record.
28 Jul 2008
If EMB is right, usage-based insurance will become the industry standard in the next five years.
So, the global actuarial consulting firm is urging auto insurers now to adopt this method, which measures actual driving behavior and allows insurers to develop more reliable rates.
While drivers get to enjoy lower rates, auto insurers will reap the benefits of greater customer loyalty and client retention.
Read Article28 Jul 2008
Insurers are beginning to offer auto-insurance plans that charge motorists based on the number of miles driven. Some of these ‘pay-as-you' drive programs, which involve tracking the vehicle with an on-board monitoring device, would also charge drivers based on how abruptly they brake and accelerate. Two large U.S. insurers currently offer pay-as-you-drive discounts.
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25 Jul 2008
How can the insurance sector profit directly from using the telematics data from a FMS system? According to Alex Hall, senior consultant at Total Systems, provider of IT services to the insurance sector, building up a detailed picture of information to enable more exact rating, underwriting and risk management, benefits both policyholder and insurer by allowing a better insurance package with more competitive premiums, lower admin costs (e.g. motor insurance database compliance), reduced claims costs and quicker response times.
Read Article23 Jul 2008
VDO DTCOscope announced to give collision investigators access to and the ability to date from any make of digital tachograph.
Read Article14 Jul 2008
Octo Telematics signed an agreement with French Group Goupama's new company Amaline Assurances to provide vehicle telematic solutions via web or phone.
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18 Jun 2008
Norwich Union has suspended its mileage-based insurance scheme less than two years after it was launched, says BBC. But the UK insurance company has multiple telematics- and insurance-related projects on the go. PAYD was just one of them, with IBM infrastructure and TrafficMaster devices. The other - a fleet product - is actually pretty successful.
Read Article15 Jun 2008
ERTICO - ITS Europe Partner Octo Telematics (MetaSystem Group) can now boast over 590,000 active customers of its on-board Telematics System in only three years. The service is in full deployment stage in Italy, Spain, UK, and Austria. Several insurance companies and carmakers are using Octo Telematics technology for Pay As You Drive, Pay Per Use, Stolen Vehicle Recovery and Remote Diagnostic.
Read Article16 May 2008
MORE TH>N has launched a revolutionary new insurance scheme that uses Formula 1-style in-car telemetry to help British motorists drive in a greener, more efficient and economical way
Read Article22 Apr 2008
IRIS - Global wins "Product of the Year 2008" at the European Risk Management Awards in Paris because of its innovative "PAY AS YOU DRIVE" Personalized Insurance and Fleet Risk Management System.
Read Article09 Apr 2008
The increasing interest of fleets in using telematics systems is caused by the intention to reduce insurance costs.
Read Article03 Apr 2008
Intelligent Mechatronic Systems Inc. (IMS) recently presented a usage-based insurance pilot programm in North America and the United Kingdom: iPaid (TM). The GPS related pilot offers the media, advocacy groups and government policy makers the possibilty to prove the effectiveness of UBI in driver safety, insurance coverage and pollution control.
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03 Mar 2008
ROME, February 28 - By using position tracking systems to calculate use-optimised motor vehicle insurance premiums, the Italian company OCTO Telematics has won 500,000 customers in only three years. At the CeBIT in Hanover, the follow-up products, such as personal CO2 meter for drivers and the use of traffic data for navigation systems will be displayed.
Read Article03 Mar 2008
Progressive Insurance, which is the third-largest vehicle insurer in the U.S., wants to enter the market in Massachusetts with a new managed competition system.
Read Article29 Feb 2008
BOSTON - The issue "Insurance Telematics", above all "Pay-As-You-Drive" is getting even more discussed. The insurance rates are calculated by the facts how often you drive which distance without having an accident.
Read Article29 Feb 2008
The GMAC Insurance Group is one of the biggest insurers in the U.S. Now they set up a new service for car drivers.
Read Article28 Feb 2008
BLOOMINGTON, Minnesota – State Farm has been cutting the insurance rates in ten U.S. states since 2003. In this four-year period $4.5 billion had been economised.
Read Article28 Feb 2008
WISCONSIN - The strong winter causes car accidents and claims. Insurences have to deal with problems like ice storms, rain, periods of rapid thawing and freezing.
Read Article28 Feb 2008
WASHINGTON, Connecticut – The National Association of Mutual Insurance Companies (NAMIC) investigates the use of credit-based insurance scores.
Read Article25 Feb 2008
China is one of the world’s biggest exporters. Not only the textile and apparel business is important anymore, furthermore the electronic industry, mostly the automotive part is growing recently.
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