Insurance companies are mostly reluctant to use big data analytics to rate their customers’ driving habits, but the trend is slowly picking up pace, a new report by PTOLEMUS Consulting Group says. The report is based on an analysis of the world’s 27 largest usage-based insurance (UBI) policies, including those of Admiral, Allianz, Allstate, AXA, Generali, Desjardins, Direct Line, State Farm, The Hartford, UnipolSai, Uniqa and Zurich. It says the number of UBI policies reached 14 million at the end of Q3 this year, but things are still slow. Global telematics insurer Progressive still uses a temporary device and doesn’t…
[Continue Reading]