UBI Refunds Imposed by State Regulators: How Do They Calculate Use?

Did you receive your check? …maybe even several, from your insurer?  Your share of the $13Bn that was paid to insurance customers in 2020?  Maybe you deposited the payments and thought “Fantastic, I’ve been paying insurance forever and finally I get a rebate because I’m a good risk.” 

Did it take a pandemic to bring this to your attention?  

Luckily there are plenty of forces acting behind the scenes.  From insurance data people to industry regulators, they’re looking at usage and its relationship to risk and loss.  It seems simple enough: I drive less, making me a lower risk and I therefore pay less.

Of course you know, it isn’t as simple as that.   Usage based insurance has been around for a while….it’s a pay-for-what-you-use design.   But what about buildings?  How does a regulator know how the usage has changed due to staffing reductions and WFH arrangements?  The truth is, until now it likely has been educated guesswork….to the tune of $13 Billion USD.  There hasn’t been any effective building telematics nor any real-time source for underwriting or actuarial data.

With simple BlueZoo devices placed strategically in your commercial building, you and your insurer can assess the actual occupancy risk of your facility in real time.  There would be no more $13 Billion dollar guessing, just clean, quick and privacy protected, real data; With proper risk analysis and pricing, there is no need for frustrating and time-wasting premium audits; and a greatly reduced need for costly on-site risk analysts.  Of course, only the good clients benefit….that’s you, right?

No one likes annoying and slow premium audits.  Clients always fear for rate increases, especially ones based on complicated risk analyst findings.  Insurers do their best to finess delicate customer relationships, while applying sometimes arbitrary or generic risk factors.

For the Insurer, BlueZoo can ease a significant amount of the stress associated with these concerns, reduce field staff time, and provide support for the most favorable insureds while making sure a few bad apples don’t spoil the underwriting pool for the insureds that you want to keep on the books.

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