User Based Insurance Global News

The PTOLEMUS research team is tracking important usage-based insurance(UBI) developments on a daily basis, take a look to see what the latest news is in UBI.

You can find more in our quarterly UBI dashboard

 

21 April 2020: IMS announces a low-cost, quick-start auto UBI product based on mileage

IMS, a subsidiary of Trak Global Group (TGG) announced a product that enables the implementation of a mileage-based usage-based insurance product for North American insurers. IMS is expediting the release based on mileage and pay as you drive principles to help insurers emerge with more data and digital-oriented means to assess risk for drivers.

31 March 2020: Telematics service provider DriveQuant launches DriveKit, its library of driving analytics services 

DriveQuant has launched its library of driving analytics services, DriveKitDriveKit includes several SDK and API modules to transform any mobile app into a telematics and driver coaching device. 

6 March 2020: The Insurance Regulatory and Development Authority of India (IRDAI) proposes hike in compulsory third-party motor insurance premiums 

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed a hike in compulsory third-party motor insurance premiums, for the financial year 2020-2021. The exact increase varies by the category of the vehicle.

26 February 2020: Nationwide and Generali partner to offer insurance solutions through N2G Worldwide Insurance Services banner

N2G will exclusively promote, distribute and administer insurance solutions for multi-national exposures on behalf of both organizations. Business to N2G will be sourced through independent agents, brokers and wholesalers. Nationwide will assume U.S. risk exposures and Generali (directly or through its partners) will assume non-U.S. exposures.

11 February 2020: Pay-per-mile insurer Metromile and insurer Tokio Maine’s expand their partnership to improve customer claims 

Metromile has announced that Tokio Marine Group has deployed its product Metromile REPORT, across its $13 billion auto insurance book. Tokio Marine Group expects the product to improve customer claims, as customers can easily report accidents online and through an app. 

28 January 2020: kasko2go partners with general insurer die Bayerische to launch a new usage-based insurance programme in Germany 

kasko2go, an eco-system provider that uses AI and telematics big data assessments, has partnered with general insurer die Bayerische with plans to launch usage-based insurance in Germany, following the successful launch with Dextra, a subsidiary of die Bayerische. The product gives discounts of up to 50% on traditional car insurance, where premiums are calculated based on mileage and safe driving. 

23 January 2020: Car rental company Avis Budget Group set to connect more than 22,000 Fiat vehicles in Europe, and gather telemetry data from the vehicles 

Avis has entered an agreement with Fiat Chrysler Automobiles (FCA) to connect more than 22,000 Fiat vehicles from Avis Budget Group in Europe. Telemetry data from the connected vehicles will be gathered in real-time, including mileage, fuel level, and updates on the mechanical condition of the car. Avis Budget Group’s fleet managers can also process information more readily, improving their operations. 

13 January 2020: ERGO Releases ‘Safe Drive’ Telematics Insurance Proposition Using The Floow’s FloowDrive Solution

ERGO launched a new telematics insurance proposition, Safe Drive. Consenting drivers are provided with an upfront discount of 10% along with a provision to get good driving habits rewarded with further discounts.

13 January 2020: Cambridge Mobile Telematics announced the launch of Claims Studio

CMT claims that Claims Studio, will speed up claim processing times and streamline the accident reporting system. It uses the existing telematics technology to automatically write narrative accident reports when it detects a crash. Insurers thus spend less time collecting information from drivers and third parties, and more time confirming facts and accurately assessing loss.

19 December 2019: Insurer HDI and telematics service provider Vodafone Automotive partner to create HDI Insiemea telematic policy  

Insurer HDI and telematics service provider Vodafone have partnered to create HDI Insieme, a telematic policy that offers greater protection to motorists through the evaluation of driving style and vehicle usage. HDI Insieme utilises Vodafone Automotive’s on-board telematics technologies and comes with a dedicated app for users. 

16 December 2019: Smartsurance, a Hungarian technology company, has launched its app-based, pay-as-you-drive insurance, Cristo 

Cristo is an app by Smartsurance, providing pay-as-you-drive insurance to the Hungarian market. Smartsurance aims to use modern technology to simplify, speed up insurance and claim settlement, and promise fairer operation thanks to the Pay As You Drive principle, using a telematics tool. 

4 December 2019: OCTO Telematics to move into vehicle diagnostics with the acquisition of Nebula Systems

The Nebula Systems diagnostic solution grants deep access to vehicle data which gives OCTO the flexibility and ease of access to by using a unique VIN-specific configuration. This could have a substantial impact on fleet managers using the OCTO Fleet Telematics solution.

27 November 2019: Insurance Regulatory and Development Authority (IRDAI) has proposed the implementation of telematics insurance

 A pilot has been set up to evaluate the current point system for traffic violations implemented by states and evolve standard point system considering each traffic violations the system of ‘pay as you drive’ and ‘pay how you drive’ covers based on data gathered from the insured vehicle and its driver — for motor vehicles.

28 October 2019: ALD announces a new telematics insurance solution in France

ALD Automotive has launched two new services in France at its recent BlueFleet event at the Autodrome of Linas-Montlhéry. ALD Automotive will use driver behaviour data to adjust the insurance premiums of its customers while renewing contracts.

18 October 2019: Swiss Re reveals to launch Coloride, a new UBI programme with Pioneer

Coloride will provide real-time driver warnings based on Pioneer’s map data and ADAS algorithms. The product can also be extended to a range of devices that collect acceleration data to identify and reconstruct an accident. Some of the devices feature an emergency button, which allows a driver to call for support following a traffic accident.

13 September 2019: Vodafone Germany starts to cooperate with Emil to launch mobile telematics insurance

Emil scheduled to launch a pilot in October and offer up to 20% discount through the Vodafone app for consenting customers

13 September 2019: Korean insurance development institute(KIDI) is developing an AI-powered claims management system

The platform is expected to use images from car accidents to estimate the repair cost, improve the insurance claim process and reduce consumer complaints.

22 May 2019: Vivo and Generali launch pay-as-you-drive auto insurance

Brazilian operator Vivo has partnered with Generali Brasil Seguros to market a personalized and flexible monthly car insurance. Through an application, Smart Auto evaluates the driver’s driving style and generates a discount for the contracting of car insurance. The good driver can be rewarded with an up to 30 percent discount on the price of their insurance.

21 May 2019: Customer in the UK are cancelling the insurance policies that they could not afford

Close to 20% of car insurance policies were cancelled in the London area in the past three years.

21 May 2019: Government fleet of California is going to get telematic supply from Geotab

This telematics solution will be available across all states.

20 May 2019: Telematics carriers in the USA have stopped selling users’ location data to aggregators

AT&T, Sprint, T-mobile and Verizon announced they are no longing selling users’ location data to aggregators.

20 May 2019: ERM advanced telematics developed a telematics box(StarLink EV) use for electric vehicles

This device has a backup battery and could analyse driver behaviour and identify accidents.

20 May 2019: Metroline and Turo partner together for a new pay-per-mile programme

40% of Turo’s hosts live in Illinois, California, Washington, Oregon, Virginia, New Jersey, Arizona and Pennsylvania.

18 May 2019: According to a survey of 2,111 motorists who have made a motor insurance claim in last 2 years, 20% of the motorists own a dashcam, and 18% of them used it for their insurance claim.

17 May 2019: Kasko2go’s UBI app can reduce the motor insurance premium up to 50%

This app uses blockchain technology to analyse driver behaviour and in the same time protect the user privacy.

17 May 2019: Motor insurance in Chicago’s cost differ by ZIP code & gender instead of driving record

Homeowners have less premium cost than the renters.

16 May 2019: TrueMotion & Unipol partner together to launch 1st smartphone-only UBI programme

Online motor insurance of Unipol group Linear Assicurazioni is launching the first smartphone-only UBI program BestDriver with TrueMotion.

16 May 2019: Allstate launches a new telematics app in Canada

Allstate is planning to launch its “personalised app for the modern driver” app.

16 May 2019: Cambridge Mobile Telematics’s new report suggests that a majority of Americans would like to have their insurance premiums based on safe driving habits

According to this report, 75% of US drivers prefer lower insurance premiums by safer driving behaviour.