Vehicle insurance

New U.S. Telematics Scoring Model Achieves 79% Lift Above Standard Rating Factors, Testing Available via LexisNexis Telematics OnDemand

Thursday, April 15, 2021 - 1:30pm

This new scoring model will be available for testing through LexisNexis Telematics OnDemand and is designed to flow seamlessly into insurers\' existing auto insurance ratings programs to help improve segmentation, pricing risk and profitability.\nTelematics OnDemand will be the first LexisNexis Telematics Exchange product to offer scores using the new Drive Metrics telematics scoring model which leverages analytics applied to driving behavior data.

Key Points: 
  • This new scoring model will be available for testing through LexisNexis Telematics OnDemand and is designed to flow seamlessly into insurers\' existing auto insurance ratings programs to help improve segmentation, pricing risk and profitability.\nTelematics OnDemand will be the first LexisNexis Telematics Exchange product to offer scores using the new Drive Metrics telematics scoring model which leverages analytics applied to driving behavior data.
  • The resulting scores can help carriers deliver a more accurate risk assessment of driving behavior data, both at point of quote and renewal.
  • In a LexisNexis Usage-Based Insurance (UBI) study, 88% of drivers indicated they prefer auto insurance pricing based on their actual driving habits.
  • We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government.

Insights on the Telematics Insurance Global Market to 2025 - Prevention of False Insurance Claims is Driving Growth

Tuesday, April 13, 2021 - 6:45pm

The telematics insurance market report is a compilation of different segments, including market breakdown by type, application, region, and country.\nThe telematics insurance market, based on type, is segmented into pay as you drive and pay how you drive segments.

Key Points: 
  • The telematics insurance market report is a compilation of different segments, including market breakdown by type, application, region, and country.\nThe telematics insurance market, based on type, is segmented into pay as you drive and pay how you drive segments.
  • The pay as you drive segment is expected to maintain its dominance during the forecast period in the telematics insurance market.\nThe telematics insurance market, based on distribution channel, has been segmented into OEM and aftermarket.
  • The aftermarket segment is expected to maintain its dominance during the forecast period in the telematics insurance market.\nThe telematics insurance market, based on device type, has been segmented into smartphone, onboard device, blackbox, and OEM embedded.
  • The smartphone segment is expected to maintain its dominance during the forecast period in the telematics insurance market.\nThe telematics insurance market, by application, has been segmented into passenger and commercial segments.

Insurance Analytics Market worth $20.6 billion by 2026 - Exclusive Report by MarketsandMarkets™

Monday, April 12, 2021 - 4:00pm

b'Insurance companies are the end-user companies that provide various types of insurance, such as consumer insurance (including life and health insurance, and vehicle/auto insurance) and commercial insurance (employee insurance and asset insurance for manufacturing companies).

Key Points: 
  • b'Insurance companies are the end-user companies that provide various types of insurance, such as consumer insurance (including life and health insurance, and vehicle/auto insurance) and commercial insurance (employee insurance and asset insurance for manufacturing companies).
  • Insurance companies are now widely adopting various technology solutions, including analytics, for their internal and customer-facing services.
  • Increasing service demand coupled with critical end-of-year fiscal reporting forces these organizations to adopt advanced technological solutions, leading to a larger market size during the forecast period.
  • Bajaj Allianz Life Insurance, a Pune, India-based life insurance provider, is among the leading insurers in India who are using predictive analytics across their insurance operations.

Insurance Analytics Market worth $20.6 billion by 2026 - Exclusive Report by MarketsandMarkets™

Monday, April 12, 2021 - 4:00pm

b'Insurance companies are the end-user companies that provide various types of insurance, such as consumer insurance (including life and health insurance, and vehicle/auto insurance) and commercial insurance (employee insurance and asset insurance for manufacturing companies).

Key Points: 
  • b'Insurance companies are the end-user companies that provide various types of insurance, such as consumer insurance (including life and health insurance, and vehicle/auto insurance) and commercial insurance (employee insurance and asset insurance for manufacturing companies).
  • Insurance companies are now widely adopting various technology solutions, including analytics, for their internal and customer-facing services.
  • Increasing service demand coupled with critical end-of-year fiscal reporting forces these organizations to adopt advanced technological solutions, leading to a larger market size during the forecast period.
  • Bajaj Allianz Life Insurance, a Pune, India-based life insurance provider, is among the leading insurers in India who are using predictive analytics across their insurance operations.

Farmers Insurance® Launches FairMile(SM), New Usage-Based Commercial Auto Insurance Program in Washington State

Thursday, April 8, 2021 - 7:22pm

WOODLAND HILLS, Calif., April 8, 2021 /PRNewswire/ -- Farmers Insurance today announced it is offering its new usage-based commercial automobile insurance program, FairMile SM, in Washington state.

Key Points: 
  • WOODLAND HILLS, Calif., April 8, 2021 /PRNewswire/ -- Farmers Insurance today announced it is offering its new usage-based commercial automobile insurance program, FairMile SM, in Washington state.
  • "Farmers is excited to bring the FairMile program to the small business community in Washington," said Aaron Cruz, product development lead for the FairMile program at Farmers Insurance.
  • With the FairMile program, premium is based on the actual miles driven in each business vehicle insured by a Farmers Commercial Auto policy.
  • "Farmers Insurance" and "Farmers" are tradenames for a group of insurers providing insurance for automobiles, homes and small businesses and a wide range of other insurance and financial services products.

California Auto Insurance Customers May Benefit From Acceptance Insurance's Approval To Use Transunion Vehicle History Score Powered By Carfax®

Thursday, April 8, 2021 - 3:00pm

NASHVILLE, Tenn., April 8, 2021 /PRNewswire/ --First Acceptance Insurance Company, Inc. (Acceptance) received approval from the California Department of Insurance on February 19, 2021, to use the TransUnion Vehicle History Score powered by CARFAX to help set auto insurance rates.

Key Points: 
  • NASHVILLE, Tenn., April 8, 2021 /PRNewswire/ --First Acceptance Insurance Company, Inc. (Acceptance) received approval from the California Department of Insurance on February 19, 2021, to use the TransUnion Vehicle History Score powered by CARFAX to help set auto insurance rates.
  • Vehicle History Score, a more accurate way to score a vehicle's risk, could save Acceptance customers money on their auto insurance premiums by helping to further segment risk, allowing Acceptance to improve pricing.
  • "Rates for Acceptance's California customers will now include Vehicle History Score, which could save them money on their car insurance.
  • *Outside of California, Vehicle History Score utilizes additional vehicle attributes, including damage history, mileage history, repair history, ownership length and type, and other similar information.

Worldwide Telematics Insurance Industry to 2025 - Focus on Product, Application, and Country Assessment - ResearchAndMarkets.com

Thursday, April 8, 2021 - 1:24pm

The "Telematics Insurance Market - A Global and Regional Market Analysis: Focus on Product, Application, and Country Assessment - Analysis and Forecast, 2020-2025" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "Telematics Insurance Market - A Global and Regional Market Analysis: Focus on Product, Application, and Country Assessment - Analysis and Forecast, 2020-2025" report has been added to ResearchAndMarkets.com's offering.
  • Telematics insurance is an insurance program based on current driving behavior as opposed to historic achievement and is sometimes called black box insurance.
  • The telematics insurance market research provides a detailed perspective on the different types of products, their applications, and value estimation, among others.
  • The telematics insurance market report is a compilation of different segments, including market breakdown by type, application, region, and country.

Freeway Insurance Joins Trackhouse Racing

Tuesday, April 6, 2021 - 6:44pm

HUNTINGTON BEACH, Calif., April 6, 2021 /PRNewswire/ --Freeway Insurance, the largest auto insurance and personal lines distribution company in the U.S., will join first-year NASCAR racing organization, Trackhouse Racing, as a premium sponsor on its No.

Key Points: 
  • HUNTINGTON BEACH, Calif., April 6, 2021 /PRNewswire/ --Freeway Insurance, the largest auto insurance and personal lines distribution company in the U.S., will join first-year NASCAR racing organization, Trackhouse Racing, as a premium sponsor on its No.
  • Freeway Insurance offers basic to premium insurance plans in auto, truck, commercial vehicle, fire, flood, renters, small commercial, motorcycle and recreational vehicle insurance products.
  • "We are honored Freeway Insurance chose to join us and we know the NASCAR community will embrace its participation with Trackhouse Racing."
  • Freeway consumers access Freeway Insurance through neighborhood Freeway offices as well as by visiting freewayinsurance.com or calling (800) 300-0227 .

Insurance Telematics Market Size to Reach USD 3556 Million by 2026 at a CAGR 11.9% | Valuates Reports

Monday, April 5, 2021 - 3:30pm

- Vehicle Telematics Market size is projected to reach USD 139420 Million by 2026, from USD 53380 Million in 2019, at a CAGR of 14.7% during 2021-2026.

Key Points: 
  • - Vehicle Telematics Market size is projected to reach USD 139420 Million by 2026, from USD 53380 Million in 2019, at a CAGR of 14.7% during 2021-2026.
  • - The Telematics Control Unit (TCU) market size was valued at USD 2675.5 Million in 2020 and is projected to reach USD 12060 Million by 2027, at a CAGR of 24.0% during the 2021-2027.
  • - The Telematics Market is segmented by Type Automotive OEM, After Market, by Application Automotive, Insurance, Healthcare and by various regions.
  • - Usage-Based Insurance (UBI) Market is segmented by Type Pay-As-You-Drive Insurance (PAYD), Pay-How-You-Drive Insurance (PHYD), Pay-As-You-Go Insurance (PAYG), Distance Based Insurance, by Application Men, Women and by various regions.

Insurance Telematics Market Size to Reach USD 3556 Million by 2026 at a CAGR 11.9% | Valuates Reports

Monday, April 5, 2021 - 3:30pm

- Vehicle Telematics Market size is projected to reach USD 139420 Million by 2026, from USD 53380 Million in 2019, at a CAGR of 14.7% during 2021-2026.

Key Points: 
  • - Vehicle Telematics Market size is projected to reach USD 139420 Million by 2026, from USD 53380 Million in 2019, at a CAGR of 14.7% during 2021-2026.
  • - The Telematics Control Unit (TCU) market size was valued at USD 2675.5 Million in 2020 and is projected to reach USD 12060 Million by 2027, at a CAGR of 24.0% during the 2021-2027.
  • - The Telematics Market is segmented by Type Automotive OEM, After Market, by Application Automotive, Insurance, Healthcare and by various regions.
  • - Usage-Based Insurance (UBI) Market is segmented by Type Pay-As-You-Drive Insurance (PAYD), Pay-How-You-Drive Insurance (PHYD), Pay-As-You-Go Insurance (PAYG), Distance Based Insurance, by Application Men, Women and by various regions.