Could the loss ratio on your preferred book of business for personal auto go up 2 percent while you’re simply an “interested observer” of the usage-based insurance (UBI) trend? Does your recently implemented UBI rating plan do little more than cancel out your current class plan? Do you believe in the mileage estimates your applicants are providing? If you don’t know the answers to those questions, you may be at a competitive disadvantage.
In the webinar “Designing Competitive Telematics-Based Auto Insurance Programs,” Jared Smollik and I describe a hypothetical insurer losing business to competitors that have implemented UBI. We then turn the example right-side up and witness the same insurer prying profitable risks away from the competition. Case studies using real data demonstrate the key to that transformation — telematics-based pricing refinement. The prime example is ISO’s upcoming GeoMetric™ manual rule, which uses our patent-pending analytics to assess location risk generally while protecting privacy. We conclude with a discussion of where telematics technology is today and where it will head tomorrow.
Don’t get caught asleep at the wheel when it comes to UBI. Listen to the recorded webinar now.>>