View this article online: https://www.insurancejournal.com/news/national/2012/08/28/260913.htm
Professional services firm Towers Watson is teaming with Hughes Telematics, Inc. (HTI), a Verizon company, to provide U.S. auto insurers with data services for usage-based insurance (UBI) programs.
With the alliance, Towers Watson’s DriveAbility service offering will be powered by HTI’s In-Drive product. DriveAbility helps insurers convert driving data into industry-applicable metrics, which enables the development of new insurance products and services. HTI will utilize its automotive telematics platform to offer data services and provide the connectivity for additional telematics features. Through the alliance, DriveAbility provides a way for insurers to rapidly go to market with a UBI product.
UBI programs use a self-installed device in the vehicle to collect valuable driving data and provide innovative, connected vehicle data services. Drivers can lower their insurance rates based on their driving, and they also gain access to information that will help them improve their driving habits.
Demand for UBI programs has been rising as auto insurers look for new ways to differentiate products and services.