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.

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Triple-I Launches FAIR 2.0

Good afternoon,

Building upon the success of its Future of American Insurance & Reinsurance (FAIR) campaign, the Insurance Information Institute (Triple-I) is unveiling today an updated FAIR 2.0 website.

The website’s address remains the same——yet its future content will be expanding to other topical issues beyond pandemic-related business income (interruption) insurance matters.

To start, FAIR 2.0 will now address growing interest surrounding risk-based pricing of insurance products with educational resources such as fact sheets and blog posts, in addition to longer white papers.

In the coming months, the Triple-I will subsequently expand FAIR 2.0’s website to include the latest news on insurer Environmental, Social, and Governance (ESG) initiatives and human-centered innovation.

The pandemic gave rise to the Triple-I’s FAIR campaign, but the insurance industry’s essential role in the U.S. economy is always evolving and we want to continue to be a resource to media, policymakers, and broader industry stakeholders.

FAIR 2.0 will tell that story.

Sean Kevelighan
President and Chief Executive Officer
Insurance Information Institute