Marc Fredman | Source | SVP of Strategy at CCC Intelligent Solutions
Marc Fredman
SVP of Strategy at CCC Intelligent Solutions
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CCC Intelligent Solutions
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Coronavirus Causing Shifting Costs And Risks For Auto Buyers, Manufacturers And Insurers
Covid-19 has caused shifts in cost and risk between or within industries. Automotive has experienced more of the within-industry changes causing the car buyer, manufacturer and insurer to pivot, especially around the common thread of the connected car.
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People are acutely aware they aren’t driving as much, so there’s a bigger interest in Usage-Based Insurance (UBI). There are a lot of different nuances in that. Traditionally, UBI has been centered around ‘How are you driving: are you reckless or a safe driver?’ But now that in-vehicle technology has increased, and coronavirus has shifted usage patterns, we’re also seeing an increased interest in mileage-based UBI. You only pay more when you drive more.
