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Some Predictions for Auto Insurance in 2018

The CEO of telematics company TrueMotion recently predicted that 2018 would see some changes in the auto insurance industry. He predicts that customer experience will become paramount for insurance companies, likely meaning a change in claims, among other things. Carriers will increase their use of usage-based insurance and mobile telematics. And “consumers, regulators, and insurers”...

Big Brother Is… Underwriting?

Speakers at the Casualty Actuarial Society’s Ratemaking and Product Management Workshop recently commented that as the internet of things spreads and encompasses devices in vehicles and homes, underwriters for personal lines insurance companies must begin to take into account “exposure data tracking.” With respect to auto insurance, carriers now have access to sensors that can track...

What the Banking Industry Expects from Connected Cars

The American Banker recently looked at ways in which the connected car might affect not only the roads, but the finance world as well. People might be able to make “truly mobile-payments” as they go through toll booths, visit a drive-through, or stop for gas. Fully autonomous vehicles might even make purchases without human involvement. Customers might also be able to do their banking...

How Technology May Affect Insurance in 2017

Marsh has released a new report on trends anticipated in the United States casualty insurance marketplace in 2017. It noted that the Internet of Things, the sharing economy, and autonomous vehicles will all begin to make major changes to the insurance business in the coming year. In particular, telematics that track vehicle performance and driver behavior may enable insurers to offer...

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...

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