Today in the connected economy, startup Autonomy offers drivers in California a subscription service to Tesla. Plus, PYMNTS speaks with Travelers’ Karen Andrews on the rise of use-based car insurance.
Autonomy has unveiled a Tesla subscription service in California with 100 Model 3 vehicles, saying it plans to offer 10,000 Teslas through its platform by the end of the year. Founder and CEO Scott Painter, who also founded TrueCar, said Autonomy’s Tesla subscription service represents “the cheapest way to get into a Tesla Model 3.” The offering begins at $550 a month, but those who pay that price also must pay a $5,500 “start fee,” more than a deposit on a base Model 3 lease with Tesla.
When the pandemic hit, a lot of people suddenly found themselves driving less. Car insurance rates, however, stayed the same. Enter use-based, or telematics auto insurance programs. These programs use a smartphone app or in-vehicle device to send data to insurers about the number of miles driven, the time of day and driving behaviors. “People have started to say, ‘I’m driving a lot less, why should I be paying the same amount for my insurance?’ Or, ‘I’m driving differently, and I want my insurance to reflect that,’” Karen Andrews, assistant vice president of Telematics and Emerging Auto at Travelers, told PYMNTS in an interview. “These types of usage-based insurance programs definitely deliver on that, from that perspective.”
Financial services company Wolters Kluwer Compliance Solutions and mortgage industry point-of-sale (POS) solution Floify have joined forces to use the Wolters Kluwer’s eOriginal product suite. The companies are integrating Wolters Kluwer eOriginal’s digital promissory note (eNote) technology into Floify’s loan processing system using a hybrid eClosing process, which will give Floify customers a digital eClosing capability when making digital signatures.
Spending app Wedge has unveiled a rewards program powered by cash back offer platform Cardlytics. Wedge allows users to pay for their purchases with any asset using a smart debit card, while Cardlytics works with hundreds of brands and retailers. The companies said the partnership is a step toward helping Wedge realize its vision of spending smarter in real time. “The ability to earn cash back when you shop, dine or travel, automatically, is just what our users expect from their go-to spending tool, and we’re excited to add the best automatic cash back company to our ecosystem,” said Wedge CEO Billy Roberts.