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Usage-Based Insurance: A Real Life Example of Insurance Innovation

The smartest people in insurance are a lot smarter than you and I are. Sorry but it’s true. But, it’s only true today.

Close the email inbox, and let’s join the smart people. They’re making money, having fun, and solving big insurance problems.

How can we get a little bit smarter today? Let’s take a look at what the smartest insurance people are doing. Sometimes, these smart people can’t help themselves and give you a peak at what they’re doing. You get the benefit of all of their hard work for nothing.

Carrier Management interviewed the leader of usage-based insurance for Progressive, David Pratt. Talk about a genius!

Smart people seem to be hinting that usage-based insurance is the future. What’s the bottom line on usage-based insurance? Use technology to charge people what they should be charged. The closer the connection between the insurance company and the customer, the better the product.

Innovation has shown us software can make things cheaper and better at the same time. With usage-based insurance. The insurance company can basically craft a product specifically for each customer. What’s that mean? It means they will charge good customers a lot less, and bad customers a lot more.

It won’t be long until usage-based insurance and telemetrics invade other insurance sectors. It’s been years since I saved tons of money by installing Progressive’s little black box in my car. They get to make money off of me, and I get lower prices. Homeowners and other lines of insurance will leverage all of the technology on our phones and in our houses to do the same thing Progressive did with auto insurance.

Read this article to learn how insurance geniuses think:

Click Here to view article

By solving a billion dollar problem for insurers, these smart people are probably going to make billions, too.  I don’t know about you, but I’m tired of most of the idiots in the insurance industry. I want to join the smart people.

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