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Telematics insurance is an insurance program based on current driving behavior as opposed to historic achievement and is sometimes called black box insurance. Telematics Insurance is designed to match engine drivers with customized performance premiums. Some insurers are implementing black-box practices in order to establish an insurance policy for car owners for pay as you drive (PAYD) or pay how you drive (PHYD). In most cases, insurers quote drivers a fixed premium based on the number of miles permitted per year in a standard insurance policy.
The auto driver only pays for what they use in terms of miles traveled under a PAYD or PHYD policy. PAYD or PHYD are also referred to as usage-based insurance (UBI) because the insurer only charges the user for the number of miles driven as documented by the black box device or application. The rising demand for autonomous vehicles and the increasing false insurance
Deal comes after Nashville office technology firm’s recent merger
Nashville-based office technology and solutions provider Novatech Inc. has acquired Florence, South Carolina-based print services company United Laser for an undisclosed sum.
The deal follows Novatech’s having announced in September it had merged with Copy & Camera Technologies of Lafayette, Louisiana. Terms of that deal were similarly not disclosed. The merged entity operates as Novatech.
Chris Peebles serves as president of United Laser, which was founded in 2003. Peebles is joining Novatech’s executive leadership team and will report to CEO Dan Cooper.
United Laser will continue to operate in Florence as a division of Novatech.