X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
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) 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.

Today, data exchanges are taking promises of the past to the next level, with driving behavior data now available for consumers at the point of new business. By applying a regulatory lens to the data, consumers get the ability to enhance their insurance experience and loyalty through driving data that is their own.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • 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?

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.