GM to offer auto insurance that uses data from connected vehicles to price rates - LeadCloud News
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GM to offer auto insurance that uses data from connected vehicles to price rates
19 November 2020

GM to offer auto insurance that uses data from connected vehicles to price rates

The new business unit will be under the automaker’s OnStar connectivity brand. Starting Wednesday, coverage will be offered to about 1,000 GM employees in Arizona before rolling out to its 85,100 U.S. employees and the general public by the end of next year.

GM previously offered its own auto insurance from 1925 to 2008. The operations generated billions in annual revenue and contributed $400 million to $1.1 billion to GM’s bottom line during their final years of operation. Andrew Rose, president of OnStar Insurance Services, declined to disclose earnings projections for the new insurance business but said the “opportunity is enormous.”

“GM has been a material player in that market before. We hope that we can return to being a material player in that market again,” said Rose, an auto insurance veteran who joined the company in January. “Auto insurance is a $250 billion marketplace.”

Non-GM owners will be allowed on OnStar Insurance, but the automaker will offer additional discounts for those who are GM owners or subscribe to their services, Rose said.

Read Original Article Here - 

https://www.cnbc.com/2020/11/18/gm-to-offer-auto-insurance-that-uses-data-from-connected-vehicles-to-price-rates.html

 

 

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