Insurers offer discounts for young drivers - with strings attachedM.P. McQueen
Some insurers in Australia have extended the risk category for young drivers from age 25 to 30, and raised their motor premiums by up to 80% as a consequence, according to reports in the Australian media. Archived articles are available to Magazine subscribers only. If you are already a subs...
the use of self-installed devices, smartphone apps, and other innovative approaches can indeed change the playing field. Insurers may want the most sophisticated, fraud-proof, professionally installed devices for young drivers (in order to ensure data accuracy), but lower-cost devices should...
a UK national average of 1 in 5 young drivers. Partnerships can spur companies to roll out these digital tools, as illustrated by Mitti, a joint venture between QBE and SafetyCulture, which measures, rewards, and suggests risk management strategies for workplace safety. Broader us...
two elements: (1) the financialbenefitfor the life insurer, evaluated by assessing enhancements in survival probabilities and policy distribution, and (2) thecostassociated with altering health behaviors. In the subsequent section, I summarize the methodologies used for estimating each of these ...
The data can also enable improved customer segmentation and marketing campaigns—allowing insurers to offer relevant products to young drivers, for instance. As these technologies gain traction, traditional insurers face disruption from ...
For example, if an insurer that issues motor policies is forced by regulation to set the same price for young male and female drivers, would it be useful to recognize onerous contract losses at initial recognition of policies for young male drivers if the combined group of young male and fema...
The bus tracks you less than cars do, and most bikes have no electronics at all, much less tracking. (Though anti-theft trackers for bikes can be added, and anyway most people carry a phone.) Considering how many people are killed/maimed by car drivers, some tracking makes sense ...
They grabbed their two young children and ran out of the house. On their way out of the neighborhood they saw a car engulfed in flames. “It was definitely horrifying for sure, but sometimes you’ve just got to drop your head and get to safety,” he said. ...
making, and support driver-based planning and analysis, rather than simply measuring the outcome of these drivers through KPIs. In a function enabled by better data, it is the people interactions and engagement across the business that will differentiate and ultimately help drive competitive advanta...