FAIR Innovation In Insurance: Pay-Per-Mile Auto Coverage

The Future of American Insurance & Reinsurance (FAIR) campaign is highlighting the importance of risk-based pricing and the innovations happening in the insurtech space.

This fall, the Insurance Information Institute (Triple-I) attended Insuretech Connect—the world’s largest insurtech event. The annual meeting in Las Vegas showcases the new technologies which are lowering costs and creating efficiencies for both insurers and policyholders.

The growing amount of data available to insurers, for instance, is not only reducing the amount lower-risk policy holders pay for insurance coverage. It also incentivizes all policyholders to adjust their driving behaviors in exchange for lower premiums.

We’ve all heard, “you get what you pay for.” Now insurtech innovators are letting policyholders only pay for what they use when it comes to auto insurance. Technology is also speeding the claims-settlement process, so insurers and policyholders are completing transactions digitally.