Most Clicked PCI SmartBrief Stories

1. Insurer's usage-based program to raise rates for risky driving behavior

PCI SmartBrief | Mar 25, 2015

Drivers in Progressive's Snapshot program could face higher rates if their driving behavior is deemed risky, the insurer said. The change will apply to new policyholders. It is being tested in Missouri and could expand to other states in May or June. Progressive said it will provide discounts immediately to customers who sign up for the program. Bloomberg (03/24)

2. N.Y. regulator requests information on how insurers determine pricing

PCI SmartBrief | Mar 20, 2015

Hundreds of property and auto insurers reportedly have received a letter from New York's Department of Financial Services requesting information about how the companies predict customers' responses to rates. Alex Hageli of PCI commended the department for reaching out to insurers before making any regulatory moves. Wall Street Journal (tiered subscription model), The (03/19)

3. Commentary: Claims adjusting could benefit from "smart glasses"

PCI SmartBrief | Mar 20, 2015

The use of "smart glasses" being developed by companies such as Google, Microsoft and Sony could benefit claims adjusters, write Beau Sullivan and Christopher Tidball, who offer an example of how the devices could assist in assessing auto claims. PropertyCasualty360 (03/19)

4. Survey: Predictive modeling less common in commercial lines than personal

PCI SmartBrief | Mar 24, 2015

Predictive modeling by property/casualty insurers is more widely in use among personal-lines carriers than among commercial insurers, and use also varies based on insurers' size, Towers Watson says. "Beyond national carriers, insurers are only starting to understand the potential of a comprehensive program that applies data-rich analytics to a wider range of insurance functions," says Brian Stoll of Towers Watson. PropertyCasualty360 (03/23)

5. Ohio bill would set insurance requirements for ride-sharing companies

PCI SmartBrief | Mar 23, 2015

A bill in Ohio is intended to prevent drivers for ride-sharing companies from relying on personal vehicle coverage when not carrying a customer. The bill would require ride-sharing companies to provide coverage for the entire time that their drivers are logged on to the companies' mobile applications. Plain Dealer (Cleveland), The (03/20)

6. Insurers commonly see predictive modeling as important, survey says

PCI SmartBrief | Mar 20, 2015

Fifty-seven percent of insurers say they use predictive modeling in risk selection and underwriting, with about half describing modeling techniques as crucial for such activities, a Towers Watson survey says. "The refreshing and updating of models is an important aspect of successful execution of predictive modeling applications," Klayton Southwood of Towers Watson said in a statement. Business Insurance (tiered subscription model) (03/19)

7. Insurer plans to test drone aircraft at sites in Illinois

PCI SmartBrief | Mar 20, 2015

The Federal Aviation Administration is letting State Farm test drone aircraft for tasks such as assessing damage following natural disasters. The testing will take place at sites around Bloomington, Ill., where the company is based. Columbus Dispatch (Ohio) (tiered subscription model), The (03/19)

8. Ride-sharing insurance bill moves to Iowa Senate

PCI SmartBrief | Mar 25, 2015

The Iowa House has approved a measure to set insurance requirements for drivers with ride-sharing companies when they are carrying a passenger and going to pick up a customer. "The intent is that there is one statewide set of rules instead of a patchwork of local ordinances," Rep. Chris Hagenow said. The bill now advances to the Senate. Des Moines Register (Iowa) (tiered subscription model), The (03/24)

9. Fed's Lockhart: How to regulate large insurers remains uncertain

PCI SmartBrief | Mar 23, 2015

The Federal Reserve is continuing to determine how it should oversee insurers that it believes could cause harm to the financial system, Atlanta Fed President Dennis Lockhart says. "The Fed has been on a learning curve to differentiate between those that represent systemic risk and those that can be regulated by their state," Lockhart says. Reuters (03/20)

10. Study: Ignition-interlock devices could stop 59,000 deaths over 15 years

PCI SmartBrief | Mar 20, 2015

Technology that locks a car's ignition when a driver's breath indicates a certain level of alcohol consumption could prevent 59,000 deaths and save $343 million over 15 years, University of Michigan research says. "Automakers will have to be convinced, and make sure that the costs of the technology are something that consumers are willing to pay for and they want," said Adrian Lund of the Insurance Institute for Highway Safety. Bloomberg (03/19)

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