Usage-based insurance (UBI) models rely on real-time data which is often collected through telematics or IoT devices for accurate measurement of customer behavior. Insurers can then tailor premiums to reflect actual usage or risk. On-demand insurance technology trends take this flexibility a step further by offering short-term, pay-as-you-go policies for niche situations, such as travel or specialized business services.
The future of UBI models and on-demand IT services for insurance looks bright as Millennials and Gen Z expect products and services tailored to their individual needs and behavior.
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