Auto can now be delivered in a single transaction. These platforms can work in tandem to help insurers streamline the UBI buying experience, improving speed to bind, conversion rates, and the customer experience.
Modern insurance buyers value an expedited quote flow and intuitive online application process. To help insurers meet their customers’ evolving expectations, Verisk’s new solution shortens application questionnaires and allows for the calculation of UBI discounts at point of quote, without upfront driving observation periods.
“Many modern UBI programs use driving behaviors as discount factors atop established, proxy-based auto insurance products,” said Karthik Balakrishnan, Ph.D., senior vice president and general manager of Verisk’s telematics business. “This new delivery model seamlessly provides the extensive suite of data required by this product strategy in a single transaction.”
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Usage-Based Insurance Rewards Good Drivers
December 10, 2020 2:02 PM Jason Metz - Forbes Advisor
Posted:
Updated:
December 12, 2020 7:01 AM
If you’re a good driver, meaning you never get into car accidents or rack up traffic violations, you might feel like you’re paying too much for car insurance. Sure, your insurer might offer a car insurance discount for being a safe driver, but that still doesn’t seem like enough. Because good driving is more than not getting into accidents or tickets, it’s all the safe driving habits you practice on a daily basis that makes for safer roadways, right?
If you’re looking for a type of car insurance that better reflects your daily safe driving skills, then usage-based insurance (UBI) might be a good fit for you. UBI is an option offered by some auto insurance companies that could result in reduced car insurance rates based on your driving skills like speeding, acceleration and harsh braking, along with other metrics like m