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The convergence of insurance and digital technology — “insurtech” — has transformed the industry. Although insurance companies initially feared insurtechs would whittle away at their market share, partnering with these disruptive tech firms is now widely seen as the catalyst necessary to spur growth and accelerate the development of new insurance products. But challenges remain.
Global reinsurance giant Swiss Re and Chinese tech giant Baidu have partnered to advance insurance and risk management for autonomous driving and autonomous vehicles.
Cyberattacks and data breach topped the list as the number one current and predicted future risk globally in Aon’s recent 2021 Global Risk Management Survey.
If insurers completely understand the implications of customer trends, competitive pressures, and technology leap-frogging, they will be justifiably anxious about their future—unless they prepare.
The race for insurers to differentiate in the industry is on. As insurtechs disrupt the market and customers demand seamless, individualised experiences, insurers need to change the way they serve their clients.
Metromile’s auto insurance offerings are informed by a decade’s worth of data, which should improve the quality of the newly-introduced product, Lemonade Car.
They say insurance is a product that is sold not bought – and as a result, we often spend a lot of time focused on the buy-side: the risk landscape of potential customers, their coverage gaps, their servicing preferences… their apathy even.
To understand the current and future coverage opportunities, along with the challenges yet to be addressed, this article delves into the present status of AVs and where the industry is likely headed over the next decade.
The investment comes in addition to a recent Series B funding round.
Russian tech giant Yandex plans to reward responsible drivers on its car-sharing platform with cheaper insurance this year, it told Reuters, using machine learning in a pilot program similar to one already adopted by Tesla.
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