Florida Could Expand Self-Driving Car Law
Posted on Apr 11, 2019 in Insurance Developments and Trends | Comments Off on Florida Could Expand Self-Driving Car Law
Self-driving vehicles could be operated in Florida without a human backup under a bill approved by a House committee last week, which could pave the way for companies like Uber and Lyft to deploy fleets of driverless vehicles. Republican sponsor Rep. Jason Fischer said he wants Florida to be ahead of other states in allowing the vehicles on state highways as the technology continues to...
How Insurance Markets Will Expand in the Age of Autonomous Vehicles
Posted on Nov 21, 2018 in Insurance Developments and Trends | Comments Off on How Insurance Markets Will Expand in the Age of Autonomous Vehicles
Though it’s estimated that by 2025 auto insurance premiums will drop by $25 billion as a result of the adoption of driverless cars, the insurance market is expected to recover through new lines of coverage, according to a report by market analyst Accenture released last year. In fact, new coverage lines will generate substantially more premiums than are lost – to the tune of almost $81...
Auto Insurance Rates Increasing?
Posted on Feb 22, 2018 in Insurance Developments and Trends | Comments Off on Auto Insurance Rates Increasing?
According to insurance shopping website The Zebra, auto insurance rates have increased significantly in recent years – by 20% since 2011. According to the Insurance Information Institute, rates have risen 15% in the past two years, during which time insurance company profits have declined. Some of these increases are likely due to weather events, such as the several hurricanes in 2016....
D.C. Department of Insurance to Hold Public Hearing on Insurance Premiums
Posted on Jan 24, 2018 in Insurance Developments and Trends, Insurance Regulation, Technology Impacting Auto Insurance | Comments Off on D.C. Department of Insurance to Hold Public Hearing on Insurance Premiums
On January 30, 2018, the D.C. Department of Insurance, Securities, and Banking is expected to hold a public hearing to cover a variety of issues impacting private auto insurance, including topics like price optimization and the use of credit scores in underwriting. More broadly, the hearing is intended to examine the causes of recent increases in auto insurance premium rates in D.C.,...
Waymo Driverless Ride-Hailing Service Will Insure Passengers Through Insurance Tech Start-Up
Posted on Dec 19, 2017 in Industry News, Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Waymo Driverless Ride-Hailing Service Will Insure Passengers Through Insurance Tech Start-Up
Waymo LLC recently announced that it will use Trov Inc., a five-year old insurance start-up, to insure riders using its driverless ride-hailing service. Waymo, which is the autonomous car unit of Alphabet Inc. (Google’s parent), is hoping to beat others in the auto and ride-hailing industry to introduce its fleet of driverless vehicles; Waymo CEO stated in November 2017 that they were...
Artificial Intelligence: Not Just for Driving
Posted on Jun 8, 2017 in Insurance Developments and Trends | Comments Off on Artificial Intelligence: Not Just for Driving
Could artificial intelligence be coming to an insurance company near you? Some insurers are beginning to explore the use of “chatbots” and other forms of AI to assist in the claims and underwriting process. In the auto claims context, a bot could be used to connect to the electronic devices in a connected car and transmit information directly to the insurer. It could also be used to...
