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Customers need a better deal on connected car insurance



Customers must be in the driver's seat for connected car insurance in order to generate substantial revenue.

The auto sector is undoubtedly set to the pace of the affiliated insurance business. The next step in delivering personal mobility services will put customers in the driving seat. And alliances with insurtechs are likely to be crucial for large insurance companies wishing to accommodate consumers for their new connected vehicle offers. These start-ups can provide valuable technology, customer insight, innovation ability and business proposals.

Many large operators are already gathering large amounts of data from connected vehicles to improve their guarantees, pricing, claims handling and customer profiles. For example, Allstate's Arity service and Progressive's Snapshot app track many million miles of driving data each month.

Compared to the benefits that insurance providers achieve, customers only get modest benefits from affiliated insurance. They usually secure lower premiums, get the opportunity to improve their skills and often earn vehicle maintenance and repair discounts. Only about five percent of drivers in North America are affiliated to affiliated services, according to CB Insights.

However, the shift to customer-centered services will bring more customers on board. As I mentioned in my previous blog post, many of these new services will be bound offerings that include a variety of, but complementary, on-demand products. They will tend to focus on mobility or travel across multiple modes of transport, rather than just vehicle-related protection.

Onboard technology is rapidly increasing with navigation systems, travel guides, music, movies and information flows that integrate vehicles and their accommodation with several ecosystems. Already 40 percent of drivers say that their most important considerations when buying a new vehicle is the built-in technology it offers. Further progress in autonomous vehicles will accelerate this integration.

Insurtechs are pioneering customer-centric mobility solutions on request. Here are some of the promising beginners who develop innovative, coherent car insurance.

Metromile

Disruptive potential: Payment-free Payment Protection (PAYD) covers traditional car insurance prices. Also includes travel data, car health warning and parking ticket "Street Sweeps".

Value chain: Sales and distribution.

Marketing: Early leader in PAYD insurance. Works in seven US states.

Date launched: 201

1.

Key funders: China Pacific Insurance, Tokyo Marine Holdings.

Engagement Remarks: For traditional carriers, this is less of a partnership or ecosystem game and an example of using affiliate technology to offer another product or "on demand" product.

TrueMotion (formerly Censio)

Disturbing potential: Uses smart phone sensor technology and data analysis to provide insurers and other customers with risk profiles and training for drivers and crash analysis of vehicles.

Value chain: Sales and distribution, pricing and insurance policy.

Market Traction: Switched from a sensor data collection startup to a behavior analysis company with a focus on driver safety. As part of this shift, it acquired a safe driving application developer Kanarieprojektet 2016.

Date launched: 2012.

Insurance partner: American Family, Progressive and MetLife.

Engagement Remarks: Insurers should consider how they can add other services to this delivery vector. Road service is an obvious example, but the world is your oyster when the customer is engaged with their reliable mobile device.

Cuvva (United Kingdom)

Disturbing potential: Provides app-based demand

Value chain: Sales and distribution.

Market Traction: Works only in the UK and offers flexible third-party low-cost insurance, intended for car owners as

Date Launched: 2014.

Key Partner: Swiss Re.

Engagement Notes: Can you easily add travel experience to your other products and services associated with this company? If you already have an app-based service, can you quickly add either white-labeled or Cuvva-labeled travel insurance to cover a wider collection of your customer's lifestyle?

Nexar (Israel and the United States)

] Destructive Potential: Uses a dashboard camera connected to a connected auto network and an artificial intelligence platform to monitor vehicle performance, alert drivers for security risks, and automatically detect accident data.

Value chain: Sales and distribution, pricing and insurance protection processing.

Marketing: Fast growth. Working in more than 740 cities in 160 countries.

Winning insurtech in 2018 Efma-Accenture Innovation in Insurance Awards.

Date Launched: 2014.

Key Funders: Alibaba Innovation Ventures, Nationwide Insurance, Mosaic Ventures, GE Ventures.

Engagement Remarks: Perhaps especially useful for commercial vehicles, video recording not only supports security accidents before the accident, it can also be a major addition to accident liability and other damage activity.


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