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EMB
EMB Advises Insurers to Speed to Usage-based Insurance
August 10th, 2008
Usage-based insurance will become the industry standard in the next five years according to EMB, a global actuarial consulting firm. This method measures actual driving behavior and allows auto insurers to develop more reliable rates. Current price modeling utilizes variables, including gender, age, credit history and marital status, which are predictive but not definitive. Usage-based insurance uses driving data that allows insurers to determine more accurate rates, while also empowering customers to control these rates. Specifically, if a customer drives less, travels at reasonable speeds, brakes and accelerates gradually, and generally practices safe driving...
Source: Pharma Investments, Ventures & Law Weekly (2008-08-10)
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