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Credit scores are also taken into consideration. Most insurance companies offer premium discounts based on these factors. Consumers may be protected by different levels of coverage depending on which insurance policy they purchase. Coverage is sometimes seen as 20/40/15 or 100/300/100. The first two numbers seen are for medical coverage. In the 100/300 example, the policy will pay $100,000 per person up to $300,000 total for all people.

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01.14.2007 | 34 Comments

Following the improved loss experience expected with autonomous vehicles, the amount of premium in urban areas will likely decline first, followed by suburban areas, and then rural areas figure 11. Regional insurers should assess the rate of change in their portfolio, while national insurers may choose to focus on building their brand and book in more densely populated geographies and determining whether geographic vehicle preferences could skew loss experience. However, insurers that have priced their business adequately now could see higher short term profits depending on how quickly loss experience improves. Granted, how long that can be sustained is questionable—since personal auto liabilities are relatively short tailed, improved loss experience will hit ratemaking analyses quickly. Not only will regulators likely push for insurers to reduce rates due to system transparency—the market should re equilibrate to favor vehicles with autonomous features. Insurers that are able to adapt their underwriting guidelines and rating algorithms to better attract and price favorable risks and account for these new technologies stand to gain the most. Insurance operations will also need to evolve to serve new products, customers, and channels and to address the technological advancements enabled through the future mobility ecosystem. To help realize both top and bottom line growth, insurers should create new products and services aligned with the needs of customers in the four future states. They will need to build expertise in new systems and technologies. They will need to more quickly and accurately price risk and underwrite policies. And they will need to leverage new sources of data throughout the insurance value chain.

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01.14.2007 | 16 Comments

The insurance company then assesses the data and charges insurance premiums accordingly. For example, a driver who drives long distance at high speed will be charged a higher rate than a driver who drives short distances at slower speeds. With UBI, premiums are collected using a variety of methods, including utilizing the gas pump, debit accounts, direct billing and smart card systems. The first UBI programs began to surface in the U. S. over a decade ago, when Progressive Insurance Company and General Motors Assurance Company GMAC began to offer mileage linked discounts through combined GPS technology and cellular systems that tracked miles driven.