By utilizing the insights and capabilities of ADAS, carriers can enhance risk assessment accuracy, reduce accident frequency, and improve profitability. ADAS complements traditional rating variables like vehicle build, providing a dynamic layer of risk assessment and enhancing underwriting accuracy. Additionally, understanding the calibration status of ADAS systems is crucial to ensure optimal functionality and avoid potential hazards. As product managers in charge of auto insurance, it is essential to understand and leverage the power of ADAS to stay competitive in the evolving insurance landscape.
Auto
Advanced Driver Assistance Systems- A Game-Changer for Auto Insurance Ratemaking
Jul 12, 2023 / by Ash Naik posted in Technology, Auto, Personal Auto, ADAS
Data Calls and Stat Reporting: Outdated Methods Causing Issues for Auto Insurance Carriers
Jun 1, 2023 / by Ash Naik posted in openIDL, Auto, Personal Auto, auto insurance, AAIS Auto Program
Data calls and stat reporting continue to remain a slow, tedious, and error-prone overhead to most carriers. Recent advances in technology have demonstrated that streamlining and automating this can provide benefits beyond meeting regulatory requirements. Join us in building a community that puts data to work beyond staying in compliance.
2023 DriverScape Summary: Auto Consumer Attitude Towards UBI
May 4, 2023 / by Ash Naik posted in Issues & Trends, Telematics, Auto, Commercial Auto, Personal Auto, AAIS Views, auto insurance, UBI, Usage Based Insurance
Personal Auto Insurance is experiencing an unprecedented transformation driven by increasing improvements in telematics. One area leading the transformation is Usage-based Insurance (UBI). While this technology has existed for more than 10 years, it is finally being accepted and adopted by insurance carriers and drivers alike in significant numbers. Fueled by the evolution of telematics, risk models, and pricing; UBI is experiencing quicker-than-anticipated growth. Carriers are presented with new opportunities and challenges unlike any ever before in this new world of technology-driven innovation.
Introducing Ownli: An Alternative to Traditional Telematics
Feb 14, 2023 / by Team Ownli posted in Telematics, Auto, Ownli
Is Telematics a Catch-All Solution? Not Quite.
Gaining a better understanding of how people actually drive (mileage, braking, speeding, etc.) has been a primary goal of many Auto Insurers for years. Having better data allows Auto Insurers to make more personalized policies, price premiums more effectively, and be more competitive in a crowded landscape.
Premium Leakage Problem
Jan 24, 2023 / by Ash Naik posted in Insights, Issues & Trends, Data & Technology, New/Emerging Risks, Auto, AAIS News & Views, AAIS Insights, Personal Auto, Data/Tech
Premium leakage is a critical issue for carriers writing personal auto insurance, particularly with the rising severity of claims. However, by utilizing data and building partnerships with auto manufacturers, data providers and new insurtech vendors; carriers can take steps to limit exposures due to incorrect mileage and garaged locations. Join us in building a community to solve this problem.
Fuel For Electric Vehicles: EV Needs & Efficiencies in California
Oct 13, 2022 / by Ash Naik posted in Insights, Issues & Trends, Data & Technology, New/Emerging Risks, Auto, AAIS News & Views, AAIS Insights, Personal Auto, Data/Tech
Recent discouragement of charging electric vehicles (EVs) by officials in California in the wake of a severe heatwave prompted further research into power generation, EV charging needs and efficiencies as we move towards an “all-electric” future.
North Dakota Insurance Commissioner Discusses POC Testing openIDL Blockchain to Assess Uninsured Driver Issue
Aug 1, 2022 / by AAIS posted in openIDL, Technology, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Insurance News/Current Events, Tech News, Auto, Blockchain, Data/Tech, Linux Foundation, auto insurance, Regulatory Reporting, North Dakota Insurance
Is UBI Moving Full Speed Ahead? AAIS Report Snapshots Consumer Attitudes
May 20, 2022 / by Ash Naik posted in Issues & Trends, Telematics, Auto, Commercial Auto, Personal Auto, AAIS Views, auto insurance, UBI, Usage Based Insurance
While the telematics capabilities that enable auto insurers to track mileage and driving behaviors continue to advance, Usage-Based Insurance (UBI) has potentially been slow to gain traction among consumers. In keeping with our mission of working with Members to design the best possible insurance products, AAIS recently went direct to consumers to understand the reservations that may be stalling adoption of UBI products and strategies to overcome these obstacles.
Crawford CEO Provides Market Report
May 2, 2022 / by AAIS posted in Insights, Technology, Insurance, Data & Technology, COVID-19, Telematics, Climate Change, Auto, Innovation, AAIS Pulse, pandemic, Economy, auto insurance, NatCats
On a recent edition of AAIS Pulse, Crawford & Company CEO Rohit Verma and AAIS VP of Products John Kadous sat down to discuss the state of the insurance market, including topics such as the economy and supply chain, auto risks, climate change and natural catastrophes, data, and technology, and much more.
NAIC CEO Shares Insights on Insurance Regulation
Apr 28, 2022 / by AAIS posted in openIDL, Insights, Issues & Trends, Data & Technology, COVID-19, Homeowners, Climate Change, Cannabis, Auto, AAIS News & Views, AAIS Pulse, Data/Tech, NAIC, Regulation, pandemic, Regulators, Business Interruption, Economy, Cannabis Insurance, cyber insurnace
On a recent edition of AAIS Pulse, NAIC CEO Mike Consedine sat down with AAIS President and CEO Ed Kelly to share his insights on major regulatory issues facing the insurance industry and the NAIC.