Car insurers Metromile and Zubine are using sensors and automated accident reports to measure driver quality and miles driven, then using that data to calculate risk. The company is also working with the National Highway Traffic Safety Administration on a program called “Smart Driving,” which will use cameras in cars to monitor driving behavior for signs of safety hazards. Data intensive analysis is increasing insurtech's competitiveness in an evolving car insurance market place. Cars must be insured by law. However, they are stationary for 95% of their lifetime, meaning the spare capacity is vast. The firms allow for changing trends in the use of vehicles, insuring consumers efficiently with more value.
Car insurers Metromile and Zubine are using sensors and automated accident reports to measure driver quality and miles driven, then using that data to calculate risk. Safe drivers will be rewarded with reduced premiums. Data intensive analysis is increasing insurtech's competitiveness in an evolving car insurance market place. Cars must be insured by law. However, they are stationary for 95% of their lifetime, meaning the spare capacity is vast. The firms allow for changing trends in the use of vehicles, insuring consumers efficiently with more value.