True Mileage Founder and CEO Ryan Morrison will speak on cost as a barrier to usage-based insurance at North America’s largest Telematics event in Chicago
Online PR News – 30-July-2014 – Dallas, Texas – True Mileage, a usage-based insurance (UBI) technology and analytics provider, announced today that it is presenting a special workshop at the Insurance Telematics USA 2014 in Chicago, September 3-4, 2014. Founder and CEO Ryan Morrison will be speaking on “Cost: the Biggest Barrier to UBI Adoption?” on September 3, 2014, at 4:25 p.m. In addition, Mr. Morrison is slated to participate on a keynote panel discussing how disruptive technology is affecting the usage-based insurance (UBI) industry.
Insurance companies today are realizing that having a UBI program is becoming mission-critical to their business. This workshop will look at the on-going “insurer cost versus data” quality debate to evaluate the options.
Insurance Telematics USA 2014 is the largest and most informative forum for the insurance & telematics industries to collaborate. More than 800 dedicated UBI specialists will attend, addressing the most crucial pricing, product, technology and business model questions as telematics continues to cause seismic shifts across insurers.
According to Harriet Molyneaux, project director at Telematics Update, the producer of Insurance Telematics USA 2014, “Following a period of stagnation, the insurance telematics industry is undergoing a state of flux due to disruptive forces entering the market. As the industry heads toward its tipping point, it remains to be seen which new entrants will make the industry sit up and take notice.”
True Mileage is one of those disrupters, producing 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.
“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 recently began piloting is cost efficient and privacy sensitive UBI approach with both mid-size and top 10 U.S. insurers, with plans for 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.
“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, which focused on start-up companies building solutions with near field communication (NFC) technology. 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 transmit 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.