The California Department of Insurance has released data showing wide socioeconomic disparities in auto insurance group discounts offered to millions of state drivers. The investigation illustrates that many affinity groups disproportionately and adversely affect drivers residing in ZIP codes with lower per capita incomes, lower levels of educational attainment, and larger communities of color. Some… Continue reading CA Commissioner Lara Sees “Disturbing” Disparities in Auto Insurance Discounts for Millions of Drivers
Tag: auto insurance
Travelers Institute Launches Every Second Matters℠ Fall Tour to Combat Distracted Driving
The Travelers Institute, the public policy division of The Travelers Companies, Inc., launched its Every Second Matters fall event series on Thursday at California State University, Fullerton. The series aims to raise awareness about the risks and consequences of distracted driving and empower young people, their broader communities and businesses to combat this dangerous behavior.… Continue reading Travelers Institute Launches Every Second Matters℠ Fall Tour to Combat Distracted Driving
Root Insurance Raises $350M in Series E Funding, Led by Coatue and DST Global
Root Insurance, the largest property casualty InsurTech in the country, announced today $350 million in Series E funding. Root has now raised a total of $523 million in funding, with an additional $100 million in debt financing. This latest round, led by DST Global and Coatue, raises Root’s valuation to $3.65 billion and provides additional… Continue reading Root Insurance Raises $350M in Series E Funding, Led by Coatue and DST Global
Tesla’s Use of Individual Driver Data for Insurance ‘State-by-State Proposition’
Tesla Inc’s use of individual customer data, such as vehicle camera footage and GPS, to price its new insurance products will depend on drivers’ authorization and individual U.S. state laws, a senior company executive said on Wednesday. Tesla Inc’s use of individual customer data, such as vehicle camera footage and GPS, to price its new… Continue reading Tesla’s Use of Individual Driver Data for Insurance ‘State-by-State Proposition’
Tesla Launches Car Insurance Offering in California
Tesla announced the launch its own insurance business called Tesla Insurance in California with a promise that it can provide Tesla owners with rates up to 30% lower than other insurance companies. The electric vehicle maker said the pricing reflects Tesla’s intimate knowledge of its own vehicles as well as the vehicle’s active safety and… Continue reading Tesla Launches Car Insurance Offering in California
Auto-Insurance Startup Root Rides Growth to $3.65 Billion Valuation
Auto-insurance startup Root Insurance Co. is completing a new round of capital raising that would value the company at $3.65 billion, a person familiar with the situation said. New investors DST Global and Coatue Management are leading the investment of $350 million, with all the company’s existing backers also planning to participate, the person said.… Continue reading Auto-Insurance Startup Root Rides Growth to $3.65 Billion Valuation
Geico Joins Rival Insurers in Tracking Drivers
Warren Buffett’s Geico now wants to track drivers, just like some of its biggest competitors do. Geico has launched a telematics offering, called DriveEasy, in certain states, Credit Suisse Group AG analyst Mike Zaremski said in a research note last week. A phone app tracks driving habits and gives individuals a score and tips, according… Continue reading Geico Joins Rival Insurers in Tracking Drivers
Travelers Customers Can Now Receive Claim Payments via PayPal®
The Travelers Companies, Inc. today announced that its Auto, Property and General Liability customers can now receive claim payments through the digital payments platform PayPal, which provides a flexible, fast and easy reimbursement experience. Travelers’ link to PayPal comes through Global Digital Disbursements, a service provided by Global Transaction Services at Bank of America Merrill… Continue reading Travelers Customers Can Now Receive Claim Payments via PayPal®
Allianz Offers to Buy P&C, Auto Units from Sul America
Brazilian insurer Sul America SA has received a non-binding offer from Germany’s Allianz SE for its property and casualty (P&C) and auto units, it said in a filing on Tuesday, adding that the two companies are in bilateral talks. If an agreement is reached, Sul America said, the firm’s operations would be concentrated in health,… Continue reading Allianz Offers to Buy P&C, Auto Units from Sul America
Auto Insurance Satisfaction Surges as Customers Adopt Direct-to-Consumer Models, J.D. Power Finds
The last decade of seemingly non-stop direct-to-consumer advertising and heavy investment into digital self-service technologies have driven roughly one-fourth of auto insurance customers to adopt direct distribution models that bypass agents in favor of do-it-yourself tools. According to the J.D. Power 2019 U.S. Auto Insurance Study,SM that transition has helped overall customer satisfaction with auto… Continue reading Auto Insurance Satisfaction Surges as Customers Adopt Direct-to-Consumer Models, J.D. Power Finds