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Friday, 24 April 2020 18:32

Auto Insurance Premiums’ Big Digital-First Shift

The coronavirus has forced a reckoning with daily financial life, with belt-tightening and budgeting.

And as tens of millions of Americans stay at home, work from home, shop from home (and have things delivered) and learn at home, cars and vans and trucks sit idle in driveways and on side streets.

 

It stands to reason the risk of accidents declines when the vehicles, and the drivers piloting them, are off the roads.

 

To that end, the stage may be set for a data-driven model for vehicle insurance, where premiums are tied to usage, which reflects actual real-time and real-world risk.

 

In an interview with PYMNTSMetromile CEO Dan Preston noted any number of industries, including insurance, are moving toward a digital-first mindset.

  

To read more, see PYMNTS.com.