Capturing the Usage-Based Insurance Opportunity

Auto insurance is undergoing a massive change. The underwriting model that’s been used for decades–assessing risk, based on broad demographic characteristics like a driver’s age, gender, or credit score–is giving way to a new model assessing the risk based on data generated by individual driving behavior. 

In many ways, the current telematics market looks very similar to the mobile phone industry in the mid-2000s, before new software innovations and app ecosystems created the open mobile platforms we have today. Now, the smartphone has become a gateway to an enormous variety of applications, services and business models, all developed in an open and standards-based environment, and all using the same hardware and connectivity to reach the user. 

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