True Mileage to provide Mileage Discount Analyticsâ„˘ for personal auto policies in six states
Online PR News – 04-November-2014 – Dallas, Texas – True Mileage, a usage-based auto insurance (UBI) technology and analytics provider, today announced the addition of Ohio Mutual Insurance Group to its clientele. True Mileage will provide Mileage Discount Analyticsâ„˘ for Ohio and five other states in the northeastern United States starting in 2015.
Mileage Discount Analyticsâ„˘, developed by True Mileage, converts verified mileage from any source into an equitable auto insurance discount, using a large, unbiased, national dataset and accounts directly for key mileage-associated rating variables. Ohio Mutual Insurance Group will receive mileage data from Carfax, the vehicle history expert for used car buyers, sellers and the automotive industry, and will leverage True Mileageâ€™s state-of-the-art Mileage Discount Analyticsâ„˘ to set mileage discounts.
According to Dave Grove, Vice President of Product Management at Ohio Mutual, â€śTrue Mileage provides a truly unique analytical model that accounts for the key mileage-related rating variables. Their innovative models allow us to provide equitable discounts across our entire automobile insurance policyholder base, which is a win for our company, our agent partners, and our policyholders.â€ť
â€śIt is often a daunting task for insurers to enter the usage-based insurance space; and we have found that verified mileage programs are a great first step. We know the mileage discounts set using our analytics will help Ohio Mutual attract new, profitable, low-mileage drivers while also contributing to strengthened retention for renewal business,â€ť explained Ryan Morrison, CEO of True Mileage.
True Mileage is current working with Ohio Mutualâ€™s information systems department to implement the discount analytics program, as well as providing materials to support filings with the Ohio, Maine, Vermont, New Hampshire, Rhode Island, and Connecticut departments of insurance.
For more information on True Mileage developments and upcoming events please visit www.truemileage.com.
ABOUT TRUE MILEAGE:
True Mileage, founded in 2012, develops technology and analytics for usage-based auto insurance (UBI). True Mileage analytics use massive unbiased national datasets to set accurate discounts while directly accounting for associated rating variables to alleviate the risk of double-discounting. The companyâ€™s flagship Mileage Discount Analyticsâ„˘ product helps insurers converts verified mileage, from any source, into an equitable discount.
True Mileage technology revolves around the patent pending True Mileage devices that connect to a vehicle just below the steering wheel. Drivers may simultaneously view and transfer their driving and vehicle data by simply tapping the True Mileage device with any NFC enabled smart phone. This hybrid approach, integrating the best features of devices and smart phones, provides the lowest cost reliable UBI solution on the market while also mitigating driverâ€™s privacy concerns. True Mileage devices provide various services to drivers including error codes, mileage reporting, safety data, and the potential for insurance savings.
For more information, visit www.truemileage.com.
ABOUT OHIO MUTUAL INSURANCE GROUP
Ohio Mutual Insurance Group, founded in 1901 and based in Bucyrus, OH, partners with nearly 400 independent agencies to distribute quality property and casualty insurance products throughout Ohio, Indiana, and five states in New England. Ohio Mutual has maintained a rating of â€śA / Stableâ€ť from A.M. Best Co. for 22 consecutive years, and was named to the Wardâ€™s 50 2009-2013. Additional company information is available at www.omig.com.
Carfax, a unit of IHS Inc. (NYSE: IHS), is the vehicle history expert for used car buyers, sellers, insurers, auto lenders, and the automotive industry. Carfax created the Vehicle History Report in 1986 and is trusted by auto insurance companies to help them better price and underwrite policies. Carfax is utilized by 8 out of the top 10 insurers to help fine-tune rating variables based on individual vehicle history characteristics. Contact us at 800-789-6232 or visit our website at www.CarfaxBIG.com to learn more about specific applications for your business and to take advantage of our discounted corporate rates. Based in Englewood, Colorado, USA, IHS is the leading global source of information, insight and analytics in the automotive industry and other critical areas that shape today's business landscape.