The World Has Changed
Due to the recent pandemic, more relaxed corporate policies around work-from-home are resulting in a direct decrease in miles driven – a phenomenon that is here to stay. The net effect – an immediate surge in popularity of usage-based and mileage-based insurance programs as policyholders demand more control over their insurance and the premiums they pay.
According to the Accenture Global Insurance Consumer Study, 73% now express interest in this model!
In order to drive demand for insurance products that offer greater value, build trust with policyholders, and provide rich and engaging experiences, it is essential for you to offer more personalized insurance programs and services to your policyholders.
Mileage-based insurance programs, often referred to as Pay-As-You-Drive (PAYD), are regaining traction with insurers who are looking not only to compete, but thrive, in developing innovative insurance telematics offerings in a mature market with the backdrop of an emerging post-pandemic environment. Telematics-based mileage programs offer auto insurers a number of benefits, including: