A new survey shows most consumers—79 percent—are willing to consider the concept of usage-based insurance (UBI), and if insurers can guarantee that premiums would not increase, 89 percent report they would give UBI a try.
"UBI is a value-added service and consumers want that," says Len Llaguno, a consultant for global professional services company Towers Watson, which conducted the survey.
Towers Watson believes the survey results are a clear indication that UBI is gaining momentum in the marketplace, with more consumers willing to let insurers monitor their driving habits with a telematics device in exchange for potential savings on their car insurance.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
