Do insurance companies really have enough driving data to justify pricing and risk rating for usage-based insurance? Or are they guesstimating? In the first of a two-part series, Susan Kuchinskas investigates.
In the world of usage-based insurance (UBI), Progressive is a rare exception: Its massive amount of driving data – 110 terabytes covering some two million vehicles, 1.5 billion separate trips and more than 10 billion miles driven – allows it to quickly test new rating factors, and to do so with a great degree of accuracy.
Industry insight: Insurance telematics
Industry insight: Telematics and data
Insurance Telematics USA 2014