In order to bring you the latest insights on usage‐based Insurance (UBI), LexisNexis conducted an annual research study into attitudes towards UBI in the US personal auto and small fleet markets. Both studies showed that estimated demand remains strong while enrollment has plateaued, indicating that both markets have a significant opportunity to reach these interested parties and test new concepts to increase engagement.
The 2015 Annual Study yielded interesting results, some of which included:
- Personal auto has an opportunity to test more sustainable, and potentially profitable, ways to drive adoption through discounting deductibles rather than premiums. Consumers studied also indicated that messaging around safety may even be more effective than a discount-centric approach.
- UBI has potential as both an acquisition and a retention tool for small fleets.
Be sure to download both studies to find out how to move your UBI program forward.