Media-Insert Communications

Media-Insert Communications

The blog of Media-Insert Communications – featuring freelance P.R. and journalism links to the work of Graham A. Jarvis.

Editing, Journalism, Copywriting, and Public Relations

Elon Musk recently announced Tesla’s intent to launch a usage-based insurance (UBI) product in Texas.

The move came after General Motors and Ford launched their own telematics insurance programs and so Ptolemus Consulting Group predicts that move towards embedded connectivity is impacting insurance to the extent that it is going to shake up auto insurance.

Andrew Jackson, research and publishing director of the group, writes about the findings of the 4th edition of its Connected Auto Insurance Global Study and discovers that “many insurers now write over 40% of new business to connected auto insurance. Furthermore, at least 13 OEMs have launched insurance telematics products in the last two years, all of which utilize built-in connectivity”.

He adds: “When car usage collapsed during the Covid-19 lockdowns, policyholders demanded prices based on actual mileage. OEMs have been stepping into the gap and, in a clear statement of intent, half of all OEM in-house UBI programs use connected car data only, removing insurers and Telematics Service Providers (TSPs) from the equation.”

Read the complete article to find out how automakers are shaking up the insurance industry

Client: InformaTech, published by TU Automotive on 24th November 2021. Author: Graham Jarvis.

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