Usage-based insurance sales are anticipated to take off in 2017, with expectations that UBI programs will achieve a compound annual growth rate of more than 60% between 2017 and 2020. (Photo: iStock)
Usage-based insurance (UBI) is gaining traction in property and casualty as insurers find they can attract drivers — especially younger ones — with telematics-based plans that offer savings in return for consent to monitor driver performance.
But while UBI and telematics are generating buzz within the industry, they're not new concepts. A look back at the history of telematics tells a fascinating tale.
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