NAIC’s Center for Insurance Policy and Research Reports on Regulatory Implications of Usage-Based Insurance and Vehicle Telematics
Mar 30, 2015
The National Association of Insurance Commissioners’ Center for Insurance Policy and Research (“CIPR”) published a study on March 24, 2015 entitled “Usage-Based Insurance and Vehicle Telematics: Insurance Market and Regulatory Implications.”
The study examines how the U.S. auto insurance industry is undergoing a fundamental change with the introduction of vehicle telematics technology.
According to the CIPR, telematics-supported, usage-based insurance (“UBI”) programs hold the promise of more efficient pricing of risks and widespread benefits accruing to insurers, consumers and society in general.
However, along with the benefits, both consumers and regulators have a number of serious concerns with the use of telematics UBI, ranging from privacy and transparency issues, to how driving data is used in pricing.
The CIPR study takes a closer look at technological advances, explores changes in the insurance market and analyzes the implications of telematics for consumers, state regulators and insurers.
To view the study, click here.
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