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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?

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

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

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

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...

Increasing Reliance on Insurance Agents

In a recent study, JD Power reported that auto insurers increasingly rely on agent recommendation to drive new business sales.  The market has not grown significantly in the last year, with slight premium increases and similar numbers of insurance purchasers and quotes since the 2016 study.  Although price remains very important to consumers, an agent’s recommendations are becoming...

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