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User Based Insurance – What’s your Strategy

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User Based Insurance (UBI) is a fixed presence in USA and Europe why not Australia? 

User Based Insurance (UBI) is a fixed presence in USA and Europe why not Australia? 

Katie Walker who is a specialist in casualty actuarial of Pinnacle Actuarial Resource and has had extensive exposure to the evolution of UBI in the USA marketplace has some interesting industry facts.

She affirms from researched customer feedback internationally that customer awareness of "what it is" ie UBI and their "buy into" the process by the customer is critical.  That the key elements of where telematics can assist the insurer and consequently the safe driver is “How you drive” (acceleration, braking, speed, distance driven and time of day). That its the riskiest behaviours and riskiest situations thats are major concern to costs and benefits. In Australia we are still bound by where you drive (even if you don’t live there) and your age and the desire of the insurer to hold enough market share to balance out the risks. The driver is left to negotiate the haze of the market looking for the best value for money. There is a focus locally on the device where in fact the key functionality is in what data can be selected and how it can be used to provide the best value for money for the Insurer and the customer. Our partners Helpten and Aplicom combine rock solid technology and ease of implementation for the insurance industry have developed its UBI product set with Finlands largest insurers. Drive Tech Australia has the International and Australian business experience to weld that into the local business scene enable the best opportunity for changing the way we currently do business and reduce the probability of a constant race to the bottom. See Katie Walkers’ article at  http://www.pinnacleactuaries.com/blog/artmid/3008/articleid/827/userid/6095/telematics-insurance-solutions-%e2%80%93-what%e2%80%99s-your-strategy

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