Jake Diner is the co-founder and CEO of Driveway Software. Driveway is a robust, smartphone-deployed, cloud-based technology that provides auto insurers with comprehensive insured driving data for better pricing intelligence – maximizing the opportunity for loss ratios and higher profits.
Personal auto insurance fraud is a problem. According to Verisk Analytics, it’s a problem on the rise. Between 2008 and 2011, the National Insurance Crime Bureau saw a 34% increase in questionable claims. Auto fraud is also an expensive problem. Industry estimates show that soft fraud accounts for about 10% of paid losses and loss adjustment […]
In any industry, customer loyalty is a precious commodity. That’s no less true in the world of auto insurance. As Bain puts it: “Loyalty improves a carrier’s economics and leads to sustained, above-market growth.” But what does it take to make customers stay with an auto insurer for the long term? Customer retention isn’t just customer […]
Usage-based insurance, a.k.a. pay-as-you-drive, is an intriguing proposition to drivers. For most drivers, usage-based insurance offers plenty of allure: cost savings, extra motivation to drive safely and added incentive for the ecologically minded to drive less often. But some customers note privacy concerns. Here are three ways to address privacy to make customers feel more […]
The California district attorney offices in 22 counties recently filed 171 felony and 28 misdemeanor charges against 187 people for alleged auto fraud involving 40 insurance companies. While these numbers are staggering, the truth is that 49 other states could probably do the same. Insurance fraud is becoming more of a norm than an exception, particularly in […]