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15 fascinating characteristics and habits of American drivers

September 26, 2016 by Fresh Miles

Results of the 2014-2015 American Driving Survey by the AAA Foundation for Traffic Safety

Sep 19, 2016 | By Jayleen R. Heft, PropertyCasualty360.com

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The road leading into Estes Park, Colorado, with traffic and snowcapped Rocky Mountains in the background. (Photo: iStock)
The road leading into Estes Park, Colorado, with traffic and snowcapped Rocky Mountains in the background. (Photo: iStock)

Americans continue to love their automobiles.

Only 7.4 percent of households in the United States recently reported that they had no vehicle, according to the AAA Foundation for Traffic Safety in Washington, D.C.

In order to offer valuable, personalized customer service, it’s important for auto insurance agents to understand drivers, their insurance needs and driving habits.

Read the rest of the article here

Filed Under: News, reading

Revolutionary Times in Auto Insurance Pricing

October 20, 2014 by Fresh Miles

auto insurance - Fresh MilesFor years, auto insurers have used crude miles driven classification schemes in their premium calculations. The logic of crude schemes presumably lay in the difficulties of verification: Carriers didn’t want to spend money on audits and could not fully trust self-reports. This situation is in the process of changing drastically. Technological change opened the door to a revolution in pricing when consumer financial transaction data came on-line and insurance scores using credit information became widely available and cheap. But the coming revolution in miles-based pricing may have an even bigger impact than the credit scoring revolution.

There are two key drivers of the change. First, analytical studies have confirmed that miles driven are hugely important for risk assessment. Second, technological change has given us the means to verify miles driven in relatively easy ways.

Auto insurance telematics is changing everything, but not in the way you might think. The current market share is still low. However, the data of cars equipped with telematic devices is already forcing change in the way we think about driving risk. Billions of road miles of precisely measured driving behavior are being analyzed by researchers around the world who are pouring millions of dollars and tens of thousands of hours into studying the statistical and actuarial implications of it all. The possibilities are staggering. Proprietary scoring methods may include how you corner left and right, how you accelerate and brake, the extent to which you exceed the speed limit, and even when you drive.

But the biggest single thing that has come out of this research so far is something very simple, and it confirms something we already suspected: Miles driven is hugely, hugely important for risk classification. It is becoming increasingly apparent that there are significant opportunities awaiting those who can find a way to improve measurement of mileage and move beyond the crude classification systems of yesteryear.

The key question then is how to get mileage you can use? History shows that unverified self-reporting is not likely to be the answer for the mass market, but a variety of possibilities is emerging for those interested in getting verifiable data. Telematics devices can be installed, but many people don’t want Big Brother riding shotgun. Fortunately, technological change has brought us relatively easy and noninvasive ways to get information on miles driven. Some methods use estimates based on data collected from past service and safety inspections. Another method is to leverage the ubiquity of smartphones with cameras and let each owner self-report verified odometer readings: With a simple snap-and-send, the vehicle owner can deliver an accurate picture of miles driven. The frequency and timeliness of data submissions can be aligned with a program of insurance.

A number of programs are already on the market, aimed at picking off the low mileage drivers and rewarding them with lower premiums. Thus, ignoring the revolution isn’t really a choice for agents or carriers. Those who don’t adapt will find themselves victimized—collateral damage of the ongoing push to measure risk more accurately. As we move into the future, fresh mileage data will be essential in getting real-time measurement of changes in driving risk.

(Posted in Property Casualty Insider: http://www.propertycasualtyinsider.com/revolutionary-times-in-auto-insurance-pricing/)

Filed Under: News, reading

UBI Market Doubles, Reaches a Milestone

October 16, 2014 by Fresh Miles

technologyA recent report from Towers Watson shows that the world is making steady progress toward usage-based insurance (UBI). That steady growth is poised to become explosive if insurers can move faster and deal with privacy concerns while delivering UBI via smartphone apps that consume little of the battery’s charge. The report says market penetration has nearly doubled in less than a year and a half — reaching 8.5% of U.S. drivers in July, up from 4.5% in February 2013. UBI has reached a milestone, with all 50 states now having programs available. – Read more here.

Filed Under: News, reading

Analytic Capabilities: Your Customer and You

October 7, 2014 by Fresh Miles

analyticscapabilities

What’s the best way to ruin your business? Ignore your customers, charge high prices, and deliver less value than your competition. Each driver, homeowner, renter, business owner, factory operator, risk manager, agent, broker, or web user will perceive you as inaccessible, expensive, and inept when compared with others in the market.  Read more here

Filed Under: reading

Better together: Analytics, data, corporate culture

September 9, 2014 by Fresh Miles

Human and robot shaking hands.Regardless of the type of insurance a carrier writes, analytics is often at the core of its business. Companies can make data-based decisions quicker and with more insight and accuracy using sophisticated analytics tools. When applied across the enterprise, such decisions in production, sales, and service create a virtuous cycle of continuous improvements — producing a corporate culture of analytically driven, sustainable excellence. (Read more on The Journal of Insurance Operations website)

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About Salt Creek Analytics

Fresh Miles is an innovative patent pending system ( United States Patent Pending 14/836887) from Salt Creek Analytics, a data and analytics company focused on making it easy for customers to save money and for businesses to innovate. We simplify the complex and empower customers with mobile smartphone capabilities and augment that with competitive intelligence on products and services. We also work with vendors, agents, and companies which are customer oriented to make it easy for customers to attain savings and to comply with data verification processes. Verified mileage from your odometer can be used for each vehicle in your household to both comply with usage based insurance programs and to qualify for valuable insights and offers for your car and in your communities.

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15 fascinating characteristics and habits of American drivers

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