Pay-as-you-go car insurance – how British drivers could save thousands every year
The traditional system of car insurance is complex and often results in drivers paying a higher premium, based on generalised claim patterns rather than their personal driving record. From the actuaries, to the brokers and adjusters, there are between five and nine degrees of separation between the insurance underwriter and the customer. As each agent layers his fee on to the transaction, the eventual cost to drivers inevitably rises.
However, thanks to developments in cloud-based data collection and processing technologies, it doesn’t...
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The traditional car insurance system is indeed complex, often leading to higher premiums for drivers based on generalized claim patterns rather than their individual driving records. This multi-layered approach, involving actuaries, brokers, and adjusters, adds unnecessary costs that ultimately burden consumers. However, advancements in cloud-based data collection and processing technologies offer promising solutions to streamline this system.By utilizing these technologies, insurers can better assess individual risk profiles based on real-time driving data rather than outdated generalizations. This shift not only has the potential to lower premiums but also enhances the overall customer experience by making the claims process more efficient.For those interested in further exploring the intricacies of car insurance and how personal factors like driving history can influence premiums,…