Understanding the Growth Implications for Insurers and Policyholders The insurance industry is witnessing a significant transformation with the rise of usage-based insurance (UBI) in auto policies. This evolution is reshaping how insurers assess risk, set premiums, and interact with policyholders. At its core, UBI leverages telematics technology to monitor driving behavior, including factors such… Continue reading The Rise of Usage-Based Insurance (UBI) in Auto Policies
Tag: UBI
Automakers Are About to Shake Up the Auto Insurance Industry
Last week, Elon Musk announced Tesla’s intent to launch a UBI (Usage-Based Insurance) product in Texas, starting in October. This came after GM’s and Ford’s recent launches of telematics insurance programs. Finally, the move towards embedded connectivity is now impacting insurance too. In its latest research, PTOLEMUS Consulting Group has found that connected car insurance… Continue reading Automakers Are About to Shake Up the Auto Insurance Industry
USAA Announces Plans to Acquire Insurtech Company Noblr for Usage-Based Insurance
USAA announced today that it plans to acquire insurtech company Noblr, Inc. to offer usage-based insurance (UBI) to its members. UBI products offer a lower premium, along with a mileage variable, by combining usage and behavioral factors to create pay-as-you-go personalized pricing and opportunity for savings and rewards. This is important for USAA’s military service… Continue reading USAA Announces Plans to Acquire Insurtech Company Noblr for Usage-Based Insurance