Insurers Aim to Use New Technology To Make Cars “Marketing Machines”
Posted on Jun 23, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Insurers Aim to Use New Technology To Make Cars “Marketing Machines”
Modern cars capture vast amounts of information about drivers through various computer technologies, tracking where drivers are going, when, and how they are driving. A new study from McKinsey and Company suggests that the future of car insurance lies in harnessing that data: by collecting and analyzing data collected from drivers, car insurers could turn the car into a “marketing...
Deloitte Predicts Changes to Auto Insurance Due to “the Future of Mobility”
Posted on Jun 3, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Deloitte Predicts Changes to Auto Insurance Due to “the Future of Mobility”
Deloitte has released a white paper analyzing trends and potential future changes in auto insurance. Two key trends addressed are the rise of autonomous vehicles and the shift from individual vehicle ownership toward the sharing economy. Members of Deloitte’s actuarial practice modeled how these trends might affect auto insurance. Deloitte projects that total auto insurance premiums...
GM and Lyft Plan to Test Self-Driving Taxis in 2017
Posted on May 11, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on GM and Lyft Plan to Test Self-Driving Taxis in 2017
General Motors and Lyft have announced plans to roll out a fleet of self-driving taxis in an unidentified urban area in 2017. The plan, part of ongoing tests of GM’s automated driving technology, is the culmination of GM’s $500 million dollar investment in Lyft and $1 billion dollar acquisition of Cruise Automation Inc., a San Francisco based automated-driving technology developer. ...
10 Tech Trends Automakers And Insurers Need To Watch
Posted on Apr 6, 2016 in Insurance Developments and Trends, Insurance Regulation, Technology Impacting Auto Insurance | Comments Off on 10 Tech Trends Automakers And Insurers Need To Watch
A Law360 article by Sutherland’s Mike Nelson examines new trends arising from the autonomous technological boom, including expansion of big data and a shifting liability scheme. Click here for ten developments that auto manufacturers and insurers should monitor over the next five years. (Subscription required.)
New System Aids LA Police Identify Drivers with Lapsed Policies
Posted on Mar 7, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on New System Aids LA Police Identify Drivers with Lapsed Policies
A new monitoring system is being launched in Louisiana to assist police with enforcement of a state requirement that drivers are up to date on paying their auto insurance premiums. The system will pull reports from insurers and provide the data to the state Office of Motor Vehicles (OMV) and to state police. Troopers will then be able to check the database during traffic stops. A...
Oklahoma Bill Mandates Market Survey of Shops
Posted on Feb 1, 2016 in Insurance Developments and Trends | Comments Off on Oklahoma Bill Mandates Market Survey of Shops
The Oklahoma legislature is considering a bill requiring insurers to conduct an annual market survey of motor vehicle repair and glass repair shop collision repair facilities. The survey would request information from repair shops on topics such as labor and material cost averages. Insurers would submit completed surveys to the Insurance Commissioner, who would publish them online. If...
