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The Actuary The magazine of the Institute & Faculty of Actuaries

Towers Watson appoints team for usage-based motor insurance offering

The programme will be led by Geoff Werner (MAAA, FCAS), with UK FIA Tony Lovick, formerly of EMB and Norwich Union, taking charge of the analytics capability. Robin Harbage and Eric Shishko complete the team, respectively covering sales and marketing, and operations and logistics.

DriveAbility provides strategic, logistics and analytical support to enable insurers to create products that are priced according to monitored driver behaviours and help policyholders improve driving habits.

To date, Towers Watson says it has mainly focused on the US where it has created a hosted data service for a pool of participating US insurers, and has analysed millions of individual journeys.

The firm notes that every US state except Hawaii now has at least one UBI product available to vehicle owners and several schemes have been launched in the UK, Italy, Canada, Israel, Japan and South Africa.

Rory O'Brien, global head of Risk Consulting and Software, said: "The products that already exist have only scratched the surface of the potential of this market in our opinion. With the pressures on profitability that car insurers in many parts of the world face, the ability to harness telematics capability could lead to a revolution in the way that motor insurance is offered."