True Mileage Founder and CEO Ryan Morrison to participate on keynote panel and host workshop at North America’s largest Telematics event
Online PR News – 08-July-2014 – Dallas, Texas – True Mileage, a Dallas-based near field communication (NFC) tech start up, announced today its participation in the Insurance Telematics USA 2014 in Chicago, September 3-4, 2014. Founder and CEO Ryan Morrison is slated to participate on a keynote panel discussing how disruptive technology is affecting the usage-based insurance (UBI) industry. In addition, True Mileage will be hosting a workshop titled “Cost: The Biggest Barrier to UBI Adoption?” which cover the ongoing debate of insurer cost versus data quality.
According to Telematics Update, the producer of Insurance Telematics USA 2014, the insurance telematics industry is undergoing a time of disrupters entering the space. “Major software companies such as LexisNexis and Google are moving in on the action, undergoing major internal changes to establish themselves as major players in the field. Moreover, other powerful industries are showing interest in the UBI industry. A recent trend of automakers forming relationships across the UBI industry promises to be a major game-changer in this rapidly expanding market,” said Harriet Molyneaux, Project Director for Telematics Update.
True Mileage produces vehicle devices that generate a summary of mileage, mileage by time of day, hard brakes, error codes, and other useful driving information. True Mileage’s technology eliminates the need to transfer speed data and by ensuring location is not tracked the company expects higher adoption rates than the less privacy sensitive alternatives in the market today. The company helps insurers attract and retain profitable business through their complete UBI solution—including vehicle devices, data transfer and analytics—while respecting drivers’ privacy.
True Mileage began piloting its cost efficient and privacy-based approach to UBI, with three of the top 10 U.S. insurers slated to participate in the program, with plans to follow up with larger pilots and implementations. More information about the True Mileage UBI solution and information about joining the pilot program can be found at www.truemileage.com/videos.
“The UBI industry is changing and expanding rapidly, with wide-ranging effects for both insurers and drivers. As a player in the technology disruption of the industry, we know the largest issue today is cost and we are focused on bringing a novel approach that is significantly more efficient. We also understand the need for privacy, which is also critical to increase driver adoption of usage-based insurance.”
“We are proud to be a part of this event,” said True Mileage CEO Ryan Morrison. “The UBI industry is changing and expanding rapidly, with wide-ranging effects for both insurers and drivers. As a player in the technology disruption of the industry, we know the largest issue today is cost and we are focused on bringing a novel approach that is significantly more efficient. We also understand the need for privacy, which is also critical to increase driver adoption of usage-based insurance.”
True Mileage will also be exhibiting at the conference and will be available to meet with conference participants in Booth #1 in the exhibit hall. For the complete Insurance Telematics USA 2014 agenda and speaker line-up, visit: www.telematicsupdate.com/insurance-telematics/ .
True Mileage is one of four companies that participated in the inaugural AccelerateNFC start-up program. The AccelerateNFC program, which began on January 21, 2014, included intense training on entrepreneur goals, product development and market sizing, research and development, channel strategies and sales, marketing, and operational requirements for running a successful business. In addition, participants learn the key strategies for building investor confidence.
For more information on True Mileage and the upcoming device trials, developments and upcoming events, visit www.truemileage.com. For more information on AccelerateNFC, please visit www.acceleratenfc.com.
ABOUT TRUE MILEAGE:
True Mileage, founded in 2012, is focused on helping drivers save on insurance and other vehicle costs, improving their safety, and respecting their privacy. The company produces devices that connect to a vehicle’s data outlet just below the steering wheel and generates a summary of mileage, error codes, and various other driving information. Drivers may simultaneously view and store their entire driving history by simply tapping their True Mileage device with a modern smart phone.
For insurers True Mileage is on the only provider of technology and analytics for usage-based insurance (UBI). The patent pending telematics technology developed by True Mileage results in significantly lower device and especially data transfer costs while reduced privacy concerns and readily available data for drivers are expected to increase adoption. True Mileage UBI analytics are based on massive unbiased national datasets resulting in discounts that alleviate potential double-discounting with existing rating variables and ensure accuracy and profitability.
For more information, visit http://www.truemileage.com/.
AccelerateNFC™ (www.acceleratenfc.com), created by OTA Ventures (www.otaventures.com), is a mentor driven, mentor funded seed accelerator for high potential companies. Accelerate NFC focuses on near field communication (NFC) companies, matching the highest caliber talent, resources and funding with those companies who are ready to take their ideas and products to the next level. Details and applications for future classes can be found at: www.acceleratenfc.com.