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Usage-Based Insurance: U.S. Consumer Survey Infographic

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Infographic: In July 2014, a Towers Watson usage-based auto insurance (UBI) survey that polled over 1,000 U.S. consumers was completed, and the interest in UBI was overwhelming.

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Usage-Based Insurance: U.S. Consumer Survey Infographic

  1. 1. Usage-Based Insurance U.S. Consumer Survey In July 2014, a usage-based auto insurance (UBI) survey that polled over 1,000 U.S. consumers was completed, and the interest in UBI was overwhelming. Consumers Are More Familiar With UBI and Like What They See 2014 UBI consumer survey — major U.S. findings 4.5% 8.5% 41.6% 35.2% UBI Value Is Resonating With Drivers Approximately 80% of consumers are interested in value-added services such as theft tracking, emergency response and vehicle wellness. Higher-risk drivers are more willing to change their driving behavior, highlighting the potential to lower losses and make roads safer. Smart Phones Are Appealing but Come With Challenges The consumer experience is at the center of many smartphone-based UBI program challenges. Consumer smartphone app preferences include: Battery Usage Tops Smartphone App Issues Are you ready? Success belongs to those who focus on sound UBI strategy and core UBI competencies that build sustainable value. towerswatson.com/DriveAbility Don’t overinvest in technology — it’s changing quickly; sound strategy and core UBI competencies will position you well as technology evolves. The road is long, so learn and experiment now. Only 39% would accept noticeable drain on battery life that impacts daily usage. 76% wouldn’t mind a modest drain that doesn’t impact daily use. Data usage was a concern: 67% said $1 of data usage per month was acceptable. The number of respondents who have or have had a UBI policy has nearly doubled. Drivers’ privacy concerns are decreasing. Fewer respondents are uneasy with insurers monitoring where they drive. 80% of consumers with smartphones (64% of respondents) are comfortable with the idea of UBI apps February 2013 July 2014 February 2013 July 2014 to monitor their driving. Almost 90% are open to buying a UBI policy if there is no risk of their premium increasing. 65% of those interested in UBI are willing to change their driving habits, reinforcing the potential for driver coaching. 73% of consumers interested in UBI are willing to pay for value-added services, which is an opportunity for insurers to differentiate products. 78% of smartphone owners want an app that automatically records trips. 77% are ne with periodic entry of an odometer reading. 76% would accept an app that asks users to conrm end-of-trip accuracy, but fewer want manual conrmation to begin recording when the trip starts (65%).

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