COVID-19 induced mileage shifts can now be properly rated with True Mileage analytics and Vehcon mileage technology used together.
Online PR News – 25-August-2020 – Seattle, Washington, and Atlanta, Georgia – True Mileage, Inc., a usage-based auto insurance (UBI) technology and analytics provider, and Vehcon, Inc., an insurtech company which collects accurate mileage data without sacrificing driver privacy, today announced a collaboration to create a complete mileage discount program for auto insurers.
The COVID-19 pandemic has caused many individuals to change their daily routines and has resulted in a reduction in both driving and accidents. The changes have led many insurers to give generic rebates and rate reductions, but the decreases are only a fraction of what the lowest mileage vehicles deserve. Without offering more accurate verified mileage discounts, insurers not only risk losing their best drivers to competitors but also lack rate adequacy should mileage return to historic levels.
"By sending drivers a periodic text or email, Vehcon is able to get timely and verified odometer data using their patented computer vision and machine learning technologies. Vehcon provides insurers an easy, low cost method to get accurate mileage quickly while providing drivers a simple and privacy-sensitive approach," shared True Mileage CEO Ryan N. Morrison.
The new program is designed to use Vehcon technology for periodic verified mileage collection in conjunction with Mileage Discount Analytics™ from True Mileage to set an accurate discount for each vehicle.
According to Joe Fuller, President of Vehcon, "The analytics created by True Mileage have proven to be a powerful and successful tool for insurers. We are excited now to be able to offer insurers the best mileage data source and analytics in the industry as a complete package."
ABOUT TRUE MILEAGE
True Mileage, founded in 2012 and based in Seattle, is on a mission to accelerate adoption of UBI and its myriad societal benefits through improved analytics and technology. True Mileage analytics are built on massive national datasets from all states and insurers and may be applied to data from any source. Every analytics offering has a significant competitive advantage and includes products for mileage, time of day, accelobrakes (hard braking refined), and relative speed. For more information, visit http://www.truemileage.com.
Vehcon extracts authenticated mileage data from vehicles without hardware or GPS using smartphone technologies. The company’s patented solutions capture predictive data, such as verified mileage and vehicle identification numbers (VINs), and provide a mobile platform for interacting with drivers. Founded in 2012 by innovators in vehicle telematics, mobile data analytics and mobile applications, Vehcon is headquartered in Atlanta, Georgia. For more information, visit http://www.vehcon.com.