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UK insurtech Carrot is facing criticism over its tech and data collection practices

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The UK-based insurtech leverages user data from telematics with the aim to reward users for good behavior -- but it's facing criticism from users about the app being faulty, per the BBC. Tory MP Craig Tracey is questioning whether its tech is "fit for purpose," and has called for the UK's Financial Conduct Authority (FCA) to investigate the matter -- which told the BBC that Carrot had the most complaints relative to the size of the company in H2 2018. Carrot has apologized about the poor experience of some of its users, and maintained that its business model enables it to reduce premiums for the majority of young drivers. Carrot uses telematics to assess users' driving behavior to reward safe drivers -- but this method doesn't always work for users. The insurtech leverages smartphone- and blackbox-generated driving data to reward or ding customers accordingly -- which can be attractive to younger, "riskier" drivers, in particular.


Claire Alleaume explains why every auto insurer should be a little concerned

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I've worked in telematics and connected insurance for over 10 years. I first joined telematics specialist Quartix in the UK, where I helped establish the business in France and the US and managed the global marketing operation pre- and post-IPO. I then headed up the European marketing function at insurer Assurant, working on great projects from smart home insurance to travel protection programs with leading MNOs, banks, insurers, and tech businesses. Looking further back, I actually started my career selling titanium in the aerospace industry when I first moved to the UK from my native France, but that's another story!


Omnitracs to Join Verisk Data Exchange

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JERSEY CITY, N.J., June 5, 2018 - Verisk (Nasdaq:VRSK), a leading data analytics provider, today announced a strategic alliance with Omnitracs, LLC, a global pioneer of fleet management solutions to transportation and logistics companies. As the first large-fleet commercial telematics service provider to align with Verisk, Omnitracs will now offer its subscribers the ability to contribute data to the Verisk Data Exchange(TM) and apply analytics to the operational safety of their connected fleets. Through the alliance, fleet owners have the option to transfer driving data collected by their Omnitracs telematics platform, the company's Software-as-a-Service (SaaS) fleet management solution, into the Verisk Data Exchange. By contributing their driving data, Omnitracs subscribers will be able to take advantage of fleet insurance services from participating insurance providers and receive operational safety feedback through focused analytics while keeping fleet managers in complete control of their data. "We're excited to expand our telematics-based insurance services to Omnitracs customers and help the insurance industry address the challenging commercial auto risk segment through innovative tools and solutions," said Saurabh Khemka, senior vice president and general manager, Verisk IoT/Telematics.


Insurance and the big data technology revolution

@machinelearnbot

The Jetsons made all sorts of predictions about life in the distant future. But the Hanna-Barbera cartoon, made in the 1960s and 1980s, skipped over the question of insurance. Risk management is rarely a popular topic in science fiction. And in any case, the insurance industry has not always been quick to pick up on new technology. "The entire industry is focused on how life was lived five or 10 years ago," says Andrew Brem, chief digital officer at Aviva. He is not the only one who feels that way.


Insurance and the big data technology revolution

#artificialintelligence

The Jetsons made all sorts of predictions about life in the distant future. But the Hanna-Barbera cartoon, made in the 1960s and 1980s, skipped over the question of insurance. Risk management is rarely a popular topic in science fiction. And in any case, the insurance industry has not always been quick to pick up on new technology. "The entire industry is focused on how life was lived five or 10 years ago," says Andrew Brem, chief digital officer at Aviva. He is not the only one who feels that way.