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Telematic usage-based insurance (i.e. the latter two types, in which vehicle information is automatically transmitted to the system) provides a much more immediate feedback loop to the driver, [1] by changing the cost of insurance dynamically with a change of risk. This means drivers have a stronger incentive to adopt safer practices.
Technology often moves faster than the law, and as of 2024, state lawmakers, legal scholars and insurance companies are all playing catch-up, trying to grapple with the implications of the ...
Founded in Italy in 2002, OCTO is most known for providing telematics and Internet of things (IoT) analytics to the auto insurance industry. This is commonly known as Usage-based insurance (UBI) or pay-as-you-drive insurance. [1] Today, the company is one of the largest telematics and data analytics service provider for the car insurance ...
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
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MAYFIELD VILLAGE, Ohio--(BUSINESS WIRE)-- Progressive ® Insurance has been granted a sixth patent related to its usage-based car insurance program, Snapshot ®. Among other things, U.S. Patent No ...
The McCarran–Ferguson Act, 15 U.S.C. §§ 1011-1015, is a United States federal law that exempts the business of insurance from most federal regulation, including federal antitrust laws to a limited extent.
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