Usage-based insurance is personalizing the previously impersonal business of auto insurance. This business model — also known as pay-per-mile, pay-as-you-drive, or pay-as-you-go policies — enables insurers to charge customers per mile they're driving or based on their driving behavior, rather than demographic information.Business Insider Intelligence
Our outreach process involved exclusive interviews across three providers in July 2020, while Progressive's Snapshot profile is based on desk research due to interviewee unavailability. Additionally, we discuss why more incumbents should move into the UBI space and define key features they should offer to get a competitive advantage.Allstate, Metromile, Nationwide, Progressive, Root, Slice, State Farm, Travelers, USAA, and Zego.
Partnerships with original equipment manufacturers are a game changer in the industry, as they allow insurers to retrieve data from the vehicles directly — and those doubling down on such partnerships have a further competitive advantage.
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