Insuring the Future of Mobility

Auto insurers should be prepared for the new mobility ecosystem

Checking the mirrors

Insurers have historically been managing their portfolio in a relatively stable market, with relatively limited data available to identify risks. Technological advancement (i.a. Internet of Things) is creating a larger base for data that helps insurers to better service clients (e.g. prevention) and better estimate, price and control the risks, tailored to their clients. 

Additionally, consumer behaviour is changing. Part of consumers is moving towards sharing economy concepts. Having a home assistant connected to the cloud servers of the selling company is also getting widely accepted by consumers since they see security or comfort benefits from this. It seems however that people start to be cautious in sharing their personal information if it is explicitly brought to their attention that their data is effectively used by others. This effect is also a fundament for the upcoming General Data Protection Regulation (GDPR) law.

Deloitte’s Global Automotive Consumer Study 2017 shows that consumers seem ready to adapt new ways of transportation as long as they seem safer and not too disruptive; with the perception of safety and disruptiveness depending on the current state of infrastructure, cars and historical background per geography. The 2018 study additionally shows that the perception of safety changes as the percentage of consumers that think self-driving cars will be safe increases significantly in 2018. Insurers have to pick the fast lane and reconsider their products and business models (also a key focus of the Dutch supervisor DNB).

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