To identify the latest trends in the online car insurance market.
Usage-based Insurance (UBI) and the Growing Use of Telematics.
Usage-based insurance is also known as pay-per-mile, pay-as-you-go, or pay-as-you-drive type insurance. It is a type of car insurance that enables the insurer to track the user's driving behavior to assess the risk and calculate the premium rate.
UBI uses telematics technology that merges telecommunication and IT. The telematics technology is either pre-installed in a car or is plugged-in through a mobile application. Telematics provides the insurer with several data points like the user's driving behavior, the car's condition, and its mileage, which helps the insurers to create the user's insurance profile.