How far telematics can reach in assessing risk
April 26, 2021 by Jason ContantThe use of telematics is expanding beyond traditional vehicles and tracking methods to increasingly focus on contextual risk, a speaker said Friday at the InsurTech North virtual conference. Traditional telematics devices measure driving behaviours such as speed, time of day…
Video-based telematics? Car subscription services? The future of auto insurance is already here
April 23, 2021 by Jason ContantIncreased use of video-based telematics in the commercial fleet space, as well as the evolution of car subscription services, are just two ways in which the Canadian insurance market could change over the next few years. Panellists discussed their predictions…
Why more auto insurers may opt for UBI
March 30, 2021 by Greg MeckbachOntario motorists can expect to see more insurers offering telematics now that the province is allowing carriers to impose surcharges on risky drivers. “The bottom line is that insurance companies always want to find the right price for a risk…
How COVID has influenced usage-based auto insurance adoption
March 19, 2021 by Greg MeckbachMotorists who are driving fewer kilometres than they were before the pandemic are more likely to select usage-based auto insurance, Intact Financial Corp. observes. “COVID has pushed consumers to recognize that maybe UBI would be a tool that will immediately…
Telematics surcharges arrive for Ontario auto
February 5, 2021 by Greg MeckbachOntario motorists who choose usage-based insurance could now be hit with surcharges if telematics data shows they have risky driving behaviour. The Financial Services Regulatory Authority (FSRA) removed its UBI Guidance this past November, a FRSA spokesperson told Canadian Underwriter…
Telematics: Who’s jumping into the pool and who’s watching from the deck
January 28, 2021 by Greg MeckbachAuto insurers are taking a variety of approaches to telematics: Some are observing from the sidelines, while others report growing interest from consumers. The Travelers Companies Inc. introduced IntelliDrive in Canada last week, as Michael Klein, president of personal insurance…
The next revolution in telematics: An insurer partners with an automaker to collect data
October 7, 2020 by Adam MalikAn American auto insurer has partnered directly with a car manufacturer to get access to driver data and provide insurance coverage based on that information — and one Canadian expert thinks it’s a viable idea that could gain traction here.…
Why it’s hard to make telematics ‘commercially viable’ in Canada
August 13, 2020 by Greg MeckbachIf regulators continue to prohibit auto insurers from imposing surcharges when they detect risky driving behaviour through telematics, it will be difficult for usage-based insurance to be commercially viable, an Aviva Canada data science expert suggests. “Telematics is a good…
How telematics impacts auto insurer’s risk
May 29, 2020 by Greg MeckbachAuto clients who think they are paying too much should consider telematics, the co-founder of LowestRates.ca suggests. With telematics, or usage-based insurance, the client normally installs an app on their smart phone or hardware into their vehicle diagnostic port, the…
What surprises Intact about recent driving habits
May 11, 2020 by Greg MeckbachCanada’s largest property and casualty carrier observed a 50% drop after the middle of March in the distance driven by its auto clients, but the insurer’s usage-based telematics data suggest driving has started to pick up in recent weeks at…
How Intact is changing usage-based auto insurance in one province
October 21, 2019 by Greg MeckbachIntact Insurance is making some key changes to its usage-based insurance (UBI) product for motorists in Nova Scotia. Essentially, the company is requiring continual monitoring of an insured’s driving behaviour rather than having the same discount apply until the end…
Why the brewing battle over vehicle data ownership matters to insurers
August 28, 2019 by Adam MalikCollision claims are approaching “a new era” of data collection, intensifying the debate between the insurance industry and vehicle manufacturers over who owns the data. Thanks to the advent of connected vehicles, data generated in these cars provide valuable information…