Usage based insurance, a form of insurance also known as pay as you drive (PAYD) and pay how you drive (PHYD) and mile-based auto insurance is a type of automobile insurance. In this type of insurance, the expenses of motor insurance are based on the type of vehicle used, measured against time, distance, behavior and place.
Users are all set to grow from 1.5 million in 2010 to 44 million in 2017, stated ABI Research (News - Alert) in its new research titled, ‘Insurance Telematics.’
According to the research, renewed interest in this market has been witnessed in the past two years with both uptake increasing and the very nature of UBI changing considerably from pay as you drive (PAYD) to pay how you drive (PHYD).
One of the major reasons users are attracted to this type of insurance is the fact that UBI is provided in combination with other safety and security telematics services such as stolen vehicle tracking, emergency calling, and roadside assistance, the company stated in a press release.
Vice president and practice director Dominique Bonte comments, "While insurance telematics or usage based insurance (UBI) is far from a recent phenomenon, renewed interest in this market has been observed from both established players and new entrants with uptake accelerating and the very nature of UBI changing dramatically from pay as you drive (PAYD) to pay how you drive (PHYD) based on continuous driver behavior monitoring and analysis.”
Recently, TMC (News - Alert) reported that the company published its 2012 Indoor Small Cell Vendor Matrix. The company has placed Ubiquisys (News - Alert) at the top in its most recent evaluation of worldwide small cell vendors. Alcatel-Lucent and Huawei claimed the second and third position. Thanks to innovations like OysterCatcher and its momentum outside of its main AT&T small cell deployment in partnership with Cisco (News - Alert), IP access climbed up two positions from last year.
Edited by Brooke Neuman