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Usage-based Insurance: A Market Assessment
Ovum, Dec 2010, Pages: 38
Introduction
The premise of UBI is that it identifies good drivers and influences behavior resulting in fewer or less severe accidents. Insurers charge these drivers lower premiums for improved claims experience. Insurers verify the driver's behavior wirelessly from a telematics device in the vehicle supported by a robust set of IT solutions.
Features and benefits
- Assessment of the UBI marketplace.- Identification of key UBI ecosystem participants.- Discussion of the major business models being used by insurers offering UBI.- Discussion of the drivers and inhibitors shaping the UBI marketplace.- Discussion of the technology and telecommunications requirements needed to implement and support UBI.
Highlights
UBI premium-setting is based on an individual driver's behavior and represents a dramatic shift from insurers' use of the law of large numbers. This fragmentation of the risk pool puts insurers on a path towards one-to-one customer interactions and provision of best-of-class customer service.
Your key questions answered
- What is usage-based insurance?- Which insurance companies are offering UBI?- What are the opportunities for mobile operators in the UBI marketplace?- What are the opportunities for IT firms supporting insurers offering UBI?- What are the value propositions and major objectives of key UBI ecosystem players?
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