To fully realize connected car data as a rating variable, you must also clear the same level of FCRA scrutiny. If an individual behind the wheel is operating the vehicle, we are not talking about the car anymore — we are talking about the consumer's driving behavior. (Credit: Monopoly919/stock.adobe.com)
Insurance carriers have long used multiple standard rating variables when producing an auto insurance quote. However, despite the fact that telematics and usage-based insurance (UBI) have been around for some time, connected car data has not been easily accessible as a rating variable until recently. Instead, telematics data has historically been collected within insurance carrier-led programs through apps and other devices and the data has not typically been incorporated until later in a carrier's workflow.
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