Insurance experts suggest that vehicle Usage-Based Insurance (UBI) will be based on vehicle telematics and is expected to grow to over 140 million subscribers globally by 2023.


With all the vital information now available to insurance companies, they can become more creative and flexible in offering Behavior Based Insurance (BBI), Pay Per Mile (PPM) policies or even Pay As you Drive (PAD) insurance and be able to offer a menu of alternatives to their policyholders. Pricing will become more accurate, with good drivers (less risk) obtaining premium reductions and bad drivers (high risk) having to pay more.

Once the data is collected programs using AI can quickly provide quotations to policyholders.

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It is believed that policyholders who are intent on receiving a reduced insurance premium and who recognize that their driving performance is being monitored, are less likely to drive in a dangerous fashion and are therefore less likely to be involved in an accident.  It would follow that the more BBI sold by insurance companies should reduce the number of accidents and deaths on the roads. Having accurate and recorded information available to the insurance companies, in the event of an accident, will allow for a better assessment relating to fault by the parties involved.

According to Statistics Canada, in 2019, the number of motor vehicle fatalities was 1,762; down 9.1% from 2018 (1,939). The number of serious injuries decreased to 8,917 in 2019; down 5.8% from 2018 (9,463).

While the privacy of individuals must be respected, the benefit of saving lives and reducing serious accidents, apart from the emotional toll, are costly to insurance companies and the economy, and must be judiciously examined and agreed on by all the parties. 

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