New Coverage Models: Ride Sharing and Usage Based Insurance
Head of Product Innovation, Farmers Insurance
Partner, Axinn, Veltrop & Harkrider LLP
Changes in the ways consumers are using their vehicles and utilizing technology has prompted changes in insurance coverage models. Insurers have developed, and are continuing to develop, new coverages to respond to the effect of ride sharing and other aspects of the sharing economy on insurance. New models, such as usage based insurance, are evolving, causing consumers and the insurance industry to evaluate the risks and benefits of the geolocation data collected by UBI products. The panel will discuss these new coverage models and strategies for addressing the questions of who owns the data they collect and the privacy and cybersecurity implications and obligations associated with that data.