Exigen Insurance Solutions (www.exigeninsurance.com), the IT 2.0 provider specializing in rapid implementation of new business initiatives and products for insurance, reported the results of its Pay-Only-As-You-Drive Survey.According to Exigen, interest in pay-only-as-you-drive (PAYD) insurance has risen sharply in the past year. Low mileage drivers see it as way to save money on their premiums. Public policy advocates see it as a green product that creates incentives for driving less -- resulting in less accidents/claims, pollution, oil dependence and public infrastructure cost. In response, some U.S. insurers are moving fast to introduce PAYD products while many are taking a more cautious approach.
Key survey findings show that insurers see core systems technology as the biggest barrier and protection of existing books of business as the major driver.
Despite the potential of PAYD insurance to unbalance prevailing auto rating models, little research on PAYD is currently available. Exigen Insurance Solutions conducted several polls during its Nov. 5, "Pay-Only-As-You-Drive Insurance -- Coming Ready or Not" webinar to find out how U.S. insurers are responding to this interest, their plans for PAYD product introduction, and what they see as the biggest market drivers and barriers.
Exigen Insurance Solutions polled the 163 insurance company representatives from 91 companies that attended the webinar.
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