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Telematics-enabled, usage-based insurance (UBI) programs such as pay-as-you-drive (PAYD) and pay-how-you-drive (PHYD) are ubiquitous and growing across geographies. However, the current state of UBI fails to factor in the evolution of regulation, technology, and consumer behavior resulting in inaccurate pricing and lost opportunities. Insurers need to take a mobility centric approach ushering in a shift from a pay-how-you-drive to a pay-how-you-move (PHYM) model in motor insurance.
Some of the critical aspects that insurers will need to focus on to define their strategy include:
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