UBI Discount Analytics
How do our UBI Discount Analytics work?
An insurer selects a source of mileage or driving data. The insurer then licenses our UBI Discount Analytics which helps them turn each driver’s data into an appropriate discount. True Mileage assists the insurer to implement the discount formulas in their IT systems and with state regulatory filings.
Example data sources for application of our UBI Discount Analytics:
Carfax is an excellent data source because it requires no driver action, comes at a very low cost, and provides mileage for the majority of vehicles.
Vehcon is an app used to take and verify pictures of the odometer. Although this approach requires some driver action the effort is minimal and provides ongoing mileage verification for essentially all vehicles.
OnStar or other OEM telematics systems provide mileage and other driving data on an ongoing basis with no significant driver action needed. Smaller insurers may have a hard time justifying the overhead but for larger insurers this is a great data source.
OBD Device Data
OBD devices such as our Intelligent UBI Devices are a reliable way to get more than just mileage on a large number of vehicles.
What are the advantages of our UBI Discount Analytics?
Most mileage and UBI analytics do not directly account for any rating variables and therefore leak millions of dollars in unwarranted double discounts. Our methodology identifies and directly accounts for associated rating variables.
Reliable Model Data
Most consultant’s models are built on relatively small and biased data sets. Our models are built on a solid foundation using hundreds of thousands of unbiased driving and accident observations with data from all states and all insurers.
True Mileage provides implementation and regulatory filing support. Models are also designed for ease of implementation and we are standing by to answer any actuarial questions the DOI may have to ensure rapid approval.