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Roughly three out of five drivers report that they'd consent to having their insurers collect data on their driving behavior and mileage if it means lower premiums. (Photo: Stanisic Vladimir/Shutterstock.com) Roughly three out of five drivers report that they’d consent to having their insurers collect data on their driving behavior and mileage if it means lower premiums. (Photo: Stanisic Vladimir/Shutterstock.com)

More than one year into the COVID-19 pandemic, its economic impact continues to reverberate, and insurers haven’t been spared.

Faced with mounting losses, U.S. P&C insurers took a 27.5% hit to their net income after taxes in the first nine months of 2020. To shore up their bottom lines, many insurers have turned to niche product offerings such as usage-based insurance (UBI), IoT-connected policies, and on-demand insurance.

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