Today, Tracey Welson-Rossman talks to Lanaya Nelson, Head of Communications at Motion Auto Insurance.
Lanaya and the team at Motion are using telematics and location-based data to provide competitively priced insurance to their customers, as well as building personalized services from creatively using data.
While traditional insurance companies and policies determine your rate solely using factors like your zip code, FICO score, gender, etc., Motion uses a UBI (Usage-Based Insurance) model: pay as you drive, or pay HOW you drive. They do this through the use of telematics: systems that send, receive and store location (GPS) and behavior data. The goal being: with better and more data coming in, they can begin to minimize the weight of traditional factors.
So, how are Lanaya and the Motion team harnessing that data to create disruption in the auto industry? And as consumers are becoming more sensitive to privacy concerns, how is this startup averting the ‘big brother’ feeling, and communicating the overall value of tracking?
Tracey and Lanaya discuss.
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