usage based insurance (UBI) News

Octo Telematics to Provide Commercial Fleet Telematics to Mexico Auto Insurer

Octo Telematics, the Rome-based provider of telematics and data analytics solutions for the auto insurance industry, has partnered with Qualitas, Mexico’s largest auto insurer with operations throughout Mexico, Latin America and the United States. Qualitas, which has more than 4 …

Octo Telematics Buys Usage-Based Insurance Assets of Willis Towers Watson

Octo Telematics, the the London-based provider of telematics for the auto insurance industry, announced it has completed its acquisition of the usage-based insurance (UBI) assets of Willis Towers Watson, which was announced on Oct. 11, 2017. The financial details of …

Octo Telematics to Buy Usage-Based Insurance Assets of Willis Towers Watson; Partnership Announced

Octo Telematics, the London-based provider of telematics for the auto insurance industry, announced it will acquire the usage-based insurance (UBI) assets of Willis Towers Watson and will create a partnership with the broker to develop insurance products. These UBI assets …

Octo Telematics Offers Insurers Distracted Driving Scoring Feature

Octo Telematics is making available a distracted driving scoring and analysis feature within its suite of telematics products used by its more than 60 auto insurer customers. The scoring feature is available for both in-vehicle and mobile solutions that include …

Driver Privacy at Risk when Telematics Data Stored in the Cloud: Researchers

Drivers’ private information can be compromised when stored in the cloud for usage-based insurance (UBI) programs, according to researchers. Using connected-device, or telematics, functions in vehicles, UBI programs determine a consumer’s or fleet’s insurance premium rate by considering several driving …

Chinese M&A to Continue Despite Regulatory, Policy Hurdles: A.M. Best

While Chinese companies have been increasing their overseas merger and acquisition (M&A) activity in recent years, there are signs that growth could slow in the coming year, as a result of uncertain economic outlook and evolving government policies in China …

Verisk Teams with Driveway Software on Smartphone Telematics for Autos

Property/casualty insurance data supplier Verisk Insurance Solutions has formed a strategic alliance with Silicon Valley’s Driveway Software to jointly develop a smartphone telematics product for automakers, insurers and drivers. The product will combine the Driveway smartphone telematics platform for data …

P/C Insurers Expanding Use of Predictive Models, Big Data Across Functions

Over the next two years, many property/casualty insurers expect to advance their use of predictive analytics to both improve business performance and leverage big data, according to Willis Towers Watson, which adds that this seemingly makes sound business sense since …

3 Examples of How Telematics Can Aid Insurance Claims Handling

While information derived from usage based insurance telematics hasn’t been fully utilized in the claims process, the benefits it can provide – consistency, efficiency and accuracy – offer a way to reduce claims costs. David Lukens, LexisNexis director, says telematics …

Millennials Prefer Usage-Based Insurance: Survey

More drivers aged 18 to 34, or millennials, are interested in usage-based auto insurance policies than are drivers in all other age groups. More millennials (88 percent) are interested in taking out a UBI, also known as telematics, policy compared …