By Global Data
Usage-based insurance (UBI) continues to attract funding despite the fall in insurtech investment due to COVID-19. According to a one survey of UK consumers conducted by a leading data and analytics company in 2019, 9.7% of drivers currently have a UBI policy. However, this figure is expected to increase as a result of COVID-19.
UBI operates on a model whereby policyholders’ premiums are calculated depending on the utilization of the insured asset. Due to social distancing and the government-mandated lockdown, car owners have been driving much less, highlighting the advantages of these products.
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