By Miles reports high uptake of services amid the pandemic - Business Insider

The pandemic is changing consumers' driving habits in the long term, creating more low-mileage drivers and boosting usage-based policies' attractiveness.

The pandemic has created a new normal for workers in the UK, meaning consumers are driving less. Thirty-eight percent of UK employees worked exclusively from home during lockdown, while 8% more did so for at least some of the working week, per the press release. Additionally, many UK companies are continuing flexible work culture post-lockdown, which could mean that over 11 million workers in the country are able to work from home in the long term — creating a new work life normal.

Usage-based insurance is especially attractive for low-mileage users, and the new normal could give such policies a larger addressable market. By Miles' offering includes a fixed fee starting from £170 to protect cars against theft, accidental damage, and vandalism while parked, and then charges users as little as 3p for each mile they drive. So, its offering is especially attractive for consumers who don't drive a lot, which there will be more of moving forward.

By Miles has made a good start in the UBI space, and should now focus its efforts on using other alternative data to underwrite policies to better price risk and remain competitive. A number of other insurtechs and incumbent insurers are using mileage to price policies, while also taking driving behavior into account: Root collects data on acceleration and braking, among other factors, to accurately predict users' real risk, for example.

ایران آخرین اخبار, ایران سرفصلها

Similar News:همچنین می توانید اخبار مشابهی را که از منابع خبری دیگر جمع آوری کرده ایم، بخوانید.

Inside Citadel's remote summer internship at a luxury Wisconsin resort - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. $400/night they were putting these kids in a motel 6
منبع: BusinessInsider - 🏆 729. / 51 ادامه مطلب »

Visit Britain launches Escape the Everyday campaign to support the UK tourism industryVisit Britain is launching the Escape the Everyday campaign to support businesses across the UK tourism industry amid the ongoing coronavirus pandemic.
منبع: hellomag - 🏆 24. / 68 ادامه مطلب »

Flower delivery wins pandemic as Americans seek stress relief - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Nice to hear of a business industry doing well out of lockdown! N6BusMgt
منبع: BusinessInsider - 🏆 729. / 51 ادامه مطلب »

Maven hired an ex-WeWork exec as CFO as it eyes pandemic-fueled growth - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
منبع: BusinessInsider - 🏆 729. / 51 ادامه مطلب »

Peloton stock price to jump 43% on pandemic demand, Goldman Sachs says - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. This just means someone can pick up a slightly used one for cheap next year when it's uaed as a coat hanger for those who have it now...
منبع: BusinessInsider - 🏆 729. / 51 ادامه مطلب »