Personal lines underwriting and revenues could be revolutionizedwith the use of monitoring units in drivers' automobiles, atechnology executive said.
John Reynolds, vice president of new business for Waterloo,Ontario, Canada-based Intelligent Mechatronic Systems Inc. (IMS),said insurers who develop “Pay As You Drive Insurance” programscould place devices in cars to monitor the driver and use theinformation to formulate the policyholder's rates.
The concept has been around since the 1930s, Mr. Reynoldspointed out, but technology now makes it possible to accuratelymeasure driving habits, giving people who really do drive verylittle a much lower rate than the average driver.
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