Search for the Best Providers In Your Location

Latest Data Driven Insurance & Research

Car Insurance Rate in Ohio is $952 on Average

Automobile owners in Ohio pay an average car insurance rate of $952 per annum according to data analyzed by Zimlon. Ohio’s car insurance rate is the third cheapest in the country, preceded by the insurance rates in Idaho and Maine.

Car owners in Ohio must have minimum liability coverage of 25/50/25.

The first number represents the liability limit for bodily injuries (BI), which is an injury suffered by individuals within an automobile because of an accident. The second number indicates the liability limit for bodily injuries caused to multiple individuals within the automobile during an accident. The third ...

Continue reading

How ADAS Technology Is Impacting The Auto Industry

By 2020, research suggests that every vehicle will be equipped with some form of ADAS (Advanced Driver-Assistance Systems) technology, with an average of 1.7 systems installed per car. The global market for ADAS, is estimated to reach touch $67 billion by 2025, growing more than 10% each year. Zimlon sheds light on the importance of ADAS tech in today's insurance landscape.

ADAS applications include a sophisticated array of LiDAR, sensors, radar, AI, and GPS, among others. According to AAA of 2018, at least one ADAS feature is available on 92.7% of new vehicles available in the US ...

Continue reading

5 InsurTech Startups Helping Auto Insurance In Fraud Prevention

Insurance fraud brings enormous financial loss to insurance companies every year. Insurtech can benefit both insurers and customers by detecting and preventing fraud. Zimlon looks at 5 such disruptive startups changing the landscape of auto claims insurance.

Experts say that more than 20% of bodily injury claims and 10% of vehicle damage claims as a result of car accidents are fraudulent. Data science platforms and software made it possible to detect fraudulent activity, suspicious links, and subtle behavior patterns using multiple techniques. Besides, AI can also help cut the lifecycle of a claim by 20% by automating some systems. By ...

Continue reading

Autonomous Vehicles Changing The Car Insurance Market

Autonomous self-driving vehicles are anticipated to generate at least $81 billion in new revenues in the U.S. between 2020 and 2025. For auto insurers, this means the elimination of accidents caused by distraction, tiredness, and inexperience. The cost of auto insurance will fall significantly over time, and consumers might no longer have to pay directly for auto insurance. However, this does not mean auto insurance will cease to exist. Instead, the price of insurance will be determined by the hardware and software installed in the car and not by the human driver. The manufacturer and licensers of the autonomous ...

Continue reading

3D Printing And Its Impact On Car Insurance

3D printers have opened new doors in the automotive industry. From the production of vehicles to design and parts manufacturing, the automotive industry is set to benefit from the use of 3D printing technology. In addition to that, one industry that will also be impacted is auto insurance. As 3D printing offers so much transformation with manufacturing and production, the legal implications regarding product liability are still vague. However, 3D printing could also lead to more efficient claims processes as policyholders become capable of repairing and replacing their own broken or failed auto equipment. Machine Design reported that the consumption ...

Continue reading

Bodily Injury, Property Damage, and Other Car Insurance Coverage Limits By State

This simple infographic by Zimlon shows the minimum liability limits for car insurance by state. The limits are grouped by bodily injury (BI) and property damage (PD).

Bodily injury refers to any injury suffered by individuals inside an automobile because of an accident. The first figure represents the liability limit for BI for a single individual inside the car during the accident. The second figure represents the liability limit for bodily injury caused to multiple individuals inside the automobile during an accident.  PD refers to the cost of damage caused to property by the automobile in the course of ...

Continue reading

5 Key Statistics On Robotics & Insurance Companies

Author: Zimlon (Provides research on insurance product and services)

According to a Gartner forecast, Robotic Process Automation (RPA) spending is expected to top $2.4 billion by 2022. RPA tools help insurance companies to streamline their processes and enhance their ability to increase the client base by improving customer service and reducing cycle times while reducing overhead. RPA essentially mimics human actions as they enter data from paper and other formats into IT systems. Back-office processes consume most insurance companies, preventing them from enhancing customer satisfaction and meeting financial targets. RPA can help reduce operational risk, improve ...

Continue reading

6 Benefits Of Using Drones In Insurance

Insurance industry estimates show that global spending on drones is expected to top $100 billion over the next decade. Echoing the same, in a recent report, Novarica concluded that insurers are adopting drone technology rapidly across insurance life cycles. 16% of P&C carriers plan to or are actively driving drone initiatives. According to PwC, drones are the future of claims adjustment.

Drone technology can speed up claims processing, property appraisals, and provide a more systematic and accurate data collection, which benefits both the insurance companies and their clients. In the wake of the 2018 natural disasters, the significance of drones ...

Continue reading

Top 9 Benefits of Robotic Process Automation In Insurance

Robotic Process Automation (RPA) leverages intelligent business guidelines to automate monotonous and predictable tasks such as sales, underwriting, policy issuance, policy servicing, and claims processing. As reported by Forrester Research, spending on RPA tools will exceed $1 billion in 2019 and up to $1.5 billion by 2020. Smart automation can help insurance companies manage policy inquiries, accelerate application processes, and enhance their customer service across all digital channels by allowing employees to focus on the more complex, value-added services. RPA has become the go-to technology for insurance companies looking to automate mundane processes like data entry. Insurance giant, Anthem ...

Continue reading

2019’s Top Electric Cars And Their Insurance Rates

Many electric car buyers are considered lower risk thanks to their choice of car. However, insurance premiums are still 21% higher for EVs than the gas variant of the same. According to a recent analysis by McKinsey & Company Inc., electric vehicles are still about $12,000 more expensive for automakers to produce than internal combustion engine vehicles. Add to that, the gas version's premiums cost an average $1,442 a year, while the EV variant costs an average $1,663 annually.

The primary reason for the high cost of insurance is the lack of substantial data for insurance ...

Continue reading