Insurer Hikes Rates – Further Proof that Usage Based Insurance Data is Power!
Bloomberg Business reports that Progressive Corp. will begin increasing rates for some risky customers enrolled in its Snapshot program. Click to read the full article.
Why does this matter to auto insurers? Here are three key takeaways:
- Up until now, usage based insurance (UBI) has been focused on giving discounts. Now, UBI has evolved to delivering rates based on true risk assessment.
- Companies that offer usage based insurance are not only attracting the safest drivers; now they’re also pushing away those whose driving behaviors are not safe, by charging them more.
- Companies that offer usage based insurance can compete with the confidence of knowing that they’re charging adequate rates for the risks insured. Do you have that same confidence?
The article also reported that Progressive’s Snapshot program sales grew by 28 percent in 2014!
Would you like the opportunity to try this for yourself? Ask us how to take usage based insurance for a test drive. Use the Driveway smartphone UBI app to monitor your own driving behavior and then see your results from the insurer-view by taking a sneak peek at data collected and stored in the cloud. Email us today to get started.
Also, check out the infographic below to get a sampling of the types of data you’ll have at your fingertips if you deploy smartphone UBI: