Vote for MileMeter

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Hey, everybody.Have a peek at the Amazon Web Services Startup Challenge.

One of the contestants, MileMeter, is someone to whom the CTI EIR (that’s me) has given some advice (because of some Calgary ties to the company).

They’re in the running for some Amazon funding. If they win a competition, they get some real help. Part of the judging is some online voting … so have a peek at the link above, and please vote for them if you can.

The idea behind MileMeter is simple: if you’re willing to allow a simple telemetry device in your car, then insurance companies will only charge based on the miles you drive. It’s a much more equitable way of determining the cost of personal vehicle insurance. Everyone knows the actuarial tables insurance companies use have some built-in inequities, and MileMeter can solve some of these problems. It won’t make a difference to the incomes of the insurance firms, but will move costs closer to the source. Of course, it may also make insurance prohibitively expensive for high-mileage drivers with bad records, since the low-mileage and low-accident drivers will be subsidizing them. On the other hand, low-mileage-drivers with near-perfect records will get a huge break. As all this gets sorted out, drivers must be reassured that the mileage-polling devices have no possibility of tracking movements or providing incriminating or even merely mildly-invasive data to people who should not have it.

MileMeter is a very clear example of how the fusion of wireless and Web technologies are creating new product categories that can make a big difference in the way we do business. If you examine their business model in detail, it has the potential to make similar, industry-wide changes in the insurance-agency industry to the changes the online travel sites have made in the travel-agency industry.

It’s going to be very interesting to watch.

December 1, 2007 | Registered CommenterThe Startup Guy

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