A New Way to Buy Car Insurance?
Posted on Sep 23, 2016 in Insurance Developments and Trends | Comments Off on A New Way to Buy Car Insurance?
A car insurance startup has recently acquired an insurance company with licenses in 50 states. Metromile, which has received funding from investors such as Mark Cuban, charges for car insurance based on miles driven. (A hardware “dongle” tracks how many miles the subscriber drives.) The company also charges a monthly fee that is set based on factors such as location and years driving....
Insurers Preparing for a World of Autonomous Vehicles
Posted on Jul 28, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Insurers Preparing for a World of Autonomous Vehicles
When autonomous vehicles become ubiquitous, what will be the need for car insurance? That is the question auto insurers are beginning to face as autonomous vehicle technology promises safer roads and fewer accidents. At least one insurer, State Farm, is participating in research on driverless car equipment through collaboration with automakers and suppliers at the University of...
Insurers Should Actively Monitor Automated Driving Technology Developments
Posted on Jul 20, 2016 in Technology Impacting Auto Insurance | Comments Off on Insurers Should Actively Monitor Automated Driving Technology Developments
Automated technology will bring both new challenges and new opportunities for insurers. Although insurers may face the challenges associated with a shrinking market where manufacturers absorb more liability risk, insurers also have new opportunities. For example, such opportunities include new and innovative ways to develop joint partnerships, like Japan’s Toyota Motor Corp’s and Aioi...
Insurance Coverage for Driverless Cars
Posted on Jun 29, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Insurance Coverage for Driverless Cars
Who is liable for accidents involving autonomous vehicles? At least one insurance company in Britain is now offering an auto policy that will cover autonomous and partly automated vehicles. The policy covers accidents caused by malfunctions in the car’s driverless systems, as well as cyberattacks on the operating system. According to news articles, the policy covers accidents in...
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...
