Perhaps we can add another point to the list of reasons this is the year usage-based auto insurance should take off: The concept is getting an increasing amount of attention in mainstream media.
Last week, The Wall Street Journal ran a story on usage-based insurance. Then, PwC's Tom Kavanaugh, who I've interviewed multiple times on the subject, appeared on Fox Business Channel discussing it.
The video (which can't be embedded), shows how concerned most outside the insurance industry are with privacy when it comes to letting insurers collect their driving data. The industry will have to be address this concern adeptly if the usage-based insurance market is going to grow.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio