Usage Based Insurance Taking Hold: Towers Watson Research
22.06.11
As the concept of management-based auto insurance (UBI) becomes increasingly prevalent, global professional services company Towers Watson is working with several kind insurers, and has gathered and analyzed information from thousands of vehicles throughout the United States as part of its DriveAbility service contribution. DriveAbility provides analytical support for insurers that translates to an individual score for each vehicle to both inform auto policy rating and abet safer driving habits .
For insurers, UBI offers a new way for companies to differentiate their products, while also increasing profits and retention as the technology utilizes present driving data to determine more accurate premiums. UBI helps customers by not only empowering them to improve their rates, but also helps them to better the most appropriate insurance product for their needs; for example, parents may select UBI products to monitor their teen drivers.
Source: PropertyCasualty360