The Future of Tracking Devices and Usage-Based Insurance
Posted on Jan 13, 2016 in Insurance Developments and Trends | Comments Off on The Future of Tracking Devices and Usage-Based Insurance
According to the Wall Street Journal, some consumers have said they are wary of using tracking devices offered by insurers to assess their driving and potential for discounts for good driving. Insurance companies are increasingly using personal data to assess risk and fine-tune their pricing of policies—or at least to provide discounts. As insurers have tested tracking devices, they...
California Takes First Step Toward Regulation of Autonomous Vehicles
Posted on Dec 18, 2015 in Industry News | Comments Off on California Takes First Step Toward Regulation of Autonomous Vehicles
California has developed preliminary regulations for autonomous vehicles, anticipating the day when they will be offered for sale. The proposed rules impose additional certification requirements on users; permit manufacturers to lease, rather than sell, the driverless cars; and make the user, rather than the car, responsible for obeying the traffic laws. This latter requirement means...
The Potential Value of Telematics in Insurance Claims Handling
Posted on Dec 11, 2015 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on The Potential Value of Telematics in Insurance Claims Handling
Through vehicle telematics, data on a wide variety of driving behaviors (acceleration, deceleration, braking, and more) can be obtained through the vehicle’s engine control units (ECUs). Such data is already being used by insurers in pricing and underwriting, but the new frontier for telematics could be claims handling. According to Donald Light, the director of Celent’s...
US Regulators Seek To Upgrade Crash Safety Ratings and Test Dummies
Posted on Dec 10, 2015 in Industry News, Insurance Regulation, Technology Impacting Auto Insurance | Comments Off on US Regulators Seek To Upgrade Crash Safety Ratings and Test Dummies
The National Highway Traffic Safety Administration (“NHTSA”) has recently proposed to update its five-star crash-test rating system to account for changes in technology. The proposal was motivated in part by an increase in highway fatalities—despite a general decrease in such deaths over the past decade, the fatality rate rose by 8.1% in the first half of 2015. The NHTSA proposal...
New Samsung Development Team To Focus on Autonomous Vehicle Components
Posted on Dec 10, 2015 in Industry News, Technology Impacting Auto Insurance | Comments Off on New Samsung Development Team To Focus on Autonomous Vehicle Components
Samsung has recently announced its intention to create a team, separate from its existing business units, to focus on development of next-generation automobile components. The components will be designed for use in autonomous or internet-connected vehicles. The announcement, Samsung’s first official acknowledgement of its interest in the auto industry, comes on the heels of...
