This archive report was first published on 28 August 2019.
On August 28, 2019, the debate on whether insurance premiums should be pegged on driving skill and record gained momentum with the introduction of Autocorrect, a product that uses real-time analysis of driving style to determine premiums.
According to the innovators behind Autocorrect, Heritage Insurance Company, the device records instances of abnormal acceleration, harsh braking, and aggressive cornering, which are typically precursors to accidents. The data is then used to determine the driver's risk level and adjust their premiums accordingly.
While the concept of Autocorrect may seem innovative, it has raised several questions. For instance, why is speed not a factor in determining the driving score? Speeding is a major contributor to traffic incidents, and many people crash due to excessive speed.
A survey conducted by Heritage Insurance Company found that women scored higher than men, with an average score of 85 compared to 83. The survey also revealed that certain car brands, such as Mercedes-Benz and Land Rover, performed better than others.
However, the implications of Autocorrect go beyond just determining driving scores. It may also have an impact on how we perceive driving skills and records. For instance, the survey found that people drove the farthest on Saturdays and the least on Sundays, with Sunday garnering the best score of any day of the week.
As the debate on Autocorrect continues, one thing is clear: the way we assess risk and determine insurance premiums is about to change.
