Every week The Friday Five will bring you interesting news and information from around the insurance industry.
Mitsubishi Betting on Driver Habits Transparency
Excerpted from Chester Dawson’s Wall Street Journal article, Mitsubishi Bets People Will Reveal Their Driving Habits to Insurers—For a Freebie: Mitsubishi Motors Corp. is trying a novel approach to get more American car owners interested in sharing driving data with auto insurers: $10 off an oil change. The Japanese car maker has debuted a game-like interface to entice more of its vehicle owners in the U.S. to sign up for a smartphone app that relays digital data on driving habits to insurers, starting last month with State Auto Insurance Companies. In return, drivers earn virtual “badges” for good road manners such as staying within speed limits and avoiding sudden stops over certain periods of time and miles traveled.
Consumers Are Catching On to Smart Home Discounts
Excerpted from Emily Long’s Gear Brain article, How smart home devices can save you money on homeowners insurance: Home security measures aren’t limited to traditional burglar alarms or monitored systems. Smart home devices like cameras, doorbells, and smoke detectors, whether installed individually or as part of a connected system, offer similar protection and peace of mind. Insurance providers are now partnering with smart home companies to offer discounts on devices and policies for customers looking to secure their homes and save money at the same time.
Timing Not Right for Autonomous Cars Regulations
The U.S. government’s top auto safety official says that it’s premature to consider regulating self-driving vehicles currently being tested. According to Heidi King, deputy administrator of the National Highway Traffic Safety Administration, “At this point the technology is so nascent I don’t think it is appropriate today to regulate this technology.” NHTSA is willing to use its defect investigation, recall and other enforcement powers to curb dangers that emerge from self-driving vehicles, King said. Of greater concern, she added, are the “old enemies” of road safety: drunk driving and not wearing a seat belt, which are involved in thousands of traffic fatalities in the U.S. each year. Read Ryan Beene’s article It’s Too Soon to Regulate Self-Driving Cars, Says U.S. Safety Official at InsuranceJournal.com.
LexisNexis Risk Solutions Announces New Connected Car Team
A 35+-person team has been created to help automakers and insurers share data and analytics to deliver the next generation of mobility and connected car services and insights to improve customer experience for both industries. The LexisNexis Risk Solutions Connected Car team plans to grow to 100 dedicated specialists over the next five years. Leveraging the company’s strong pedigree in delivering data insights across the consumer value chain for marketing, underwriting and risk assessment, compliance and collision decisions, the team consists of experts in data science, technology as well as product and market strategies. Collectively it has more than 125 years’ experience in automotive, telematics and technology. Click here to meet the members of the team. Read the press release here.
More Parents Using Cell Phones While Driving With Children in the Car
About half of parents talk on a cell phone while driving when their children between the ages of 4 and 10 are in the car, while one in three read text messages and one in seven use social media. A new study from a team of researchers at Children’s Hospital of Philadelphia and the University of Pennsylvania School of Nursing also found a correlation between cell phone use while children were in the car and other risky driving behaviors, such as not wearing a seat belt and driving under the influence of alcohol. The findings were published in the Journal of Pediatrics. Click here to read the article on InsuranceJournal.com.