Published: September 3, 2014 | United States
Vehcon Inc announced its new offering MVerity that provides accurate and verified mileage readings for underwriting, claims, and usage-based insurance (UBI) for less than $1 per vehicle per year. It is industry’s first program to make the verified mileage data available to the insurers.
“Our patent-protected system completely avoids the cost, complexity and privacy intrusion of hardware ‘dongles’ or smartphone tracking systems. There are mileage-based UBI filings in almost every state. Now that we’ve removed the cost and implementation barriers, any insurance company can offer a simple UBI option to all their customers.” – Fred Blumer, CEO, Vehcon Inc
Miles driven is a primary predictor of driver risk, comprising over 70% of the risk models for usage-based insurance filings throughout the United States. Vehcon’s MVerity solution allows drivers to easily report their mileage, and insurers to receive verified data with 100% accuracy, without impacting driver privacy or vehicle performance. MVerity has been piloted successfully by insurance companies in both North America and Europe. Available now, MVerity can be embedded into existing mobile apps of insurance companies, or made available as a white-label or stand-alone solution for mileage collection and consumer interaction.
Initial usage-based insurance programs using Vehcon’s MVerity solution launch in the United States in Q4 2014.
Source: Vehcon Inc