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With the advancement in automobile technology, vehicles are now autonomous and more connected with our mobile devices than ever. Insurance companies around the world are more and more attracted to the concept of Pay How You Drive (PHYD). Today, in the motor insurance space, there are more than 165 deployments across 35 countries, representing approximately 5 million policies. The growth is exciting and promising.
This article outlines how PHYD can encourage better driving behavior and also suggest an effective solution that has the potential to reduce claims cost/ policy administration and price policies more effectively.