Dramatic developments shaping the path forward in usage-based insurance
July 29, 2014
The May 12, issue of Auto Insurance Report covered the developments in usage-based insurance, noting, “Two dramatic developments are shaping the path forward in usage-based insurance. The first is that Progressive has proven that it works. The second is that Progressive’s patents on the UBI process no longer appear to be blocking industry-wide adoption.”
The article also stated that while Progressive has shown a clear proof of concept, auto insurers moving along this path still face some major challenges, including adoption of smartphone technology. As early as two years ago, Auto Insurance Report had advised insurers to – at a minimum – study UBI, gain an understanding of vendors and solutions, keep abreast of developments, and to be ready to implement when the time was right. Now, their advice is to start taking action.
The report outlined a number of players and vendors in the industry, including True Mileage. “We recently came across True Mileage of Dallas, which uses a more intelligent OBD device to collect and process driving information. The device cost, however, is reduced by eliminating the dedicated cellphone that many use to communication. Instead, the True Mileage device relies on near field communication (NFC) where consumers tap their phone to the OBD device, sparking an automatic download of the process information, which is then sent via the smartphone to the insurer.”
We are excited to be included in the Auto Insurance Report and to be singled out for our differentiating factor. We know the True Mileage solution provides benefits to both insurers and to drivers, saving providers up to 50 percent over the cost of other usage-based devices in the industry and allowing for greater adoption by policyholders since they do not require location triangulation (GPS tracking) or transmit second-by-second speed data.
We are currently piloting our devices with mid-size to top 10 U.S. insurers, with plans to initiate more pilots over the next few months. For more information on our pilot programs, check out our video.
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