The Benefits of Implementing Usage-Based Insurance
By implementing UBI, insurance companies will now have a competitive advantage when selling/providing their insurance because prices will now be user/driver specific. Usage-based insurance allows companies to charge drivers based on actual risk instead of perceived risk and ultimately, provides them with a more user specific type of insurance.
Some benefits for companies that offer connected vehicle insurance are that it helps to increase the company's customer base as well as market share. Other benefits include reductions in congestion, traffic accidents, pollution, maitenance and fuel costs. Most insurers are offering the information collected to the driver using a personalized webpage, this information can also be used the the insured as a learning tool to become a better driver.
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