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A chase between Auto Insurers and Technological Innovations

A chase between Auto Insurers and Technological Innovations

Regulator demand: Driverless cars require no human intervention. However, the regulatory systems could insist car manufacturers to program the car engine to start only when there is a licensed instructor/ chauffer to instruct route changes, directions, etc. This will provide insurers with the opportunity to provide risk cover for “damages due to wrong instructions!” Auto Regulators, IT regulators, Insurance regulators may form consortium to address common needs to regulate auto industry.

AUTO-INSURERS LEVERAGING TELEMATICS: Even though telematics had arrived a decade ago, there are many reasons why adoption by next-gen insurers in the developed markets has been exponential. Among them, the top three reasons are:

Reason 1: For the first time, through telematics, insurers will be able to connect with their customers every day/ moment. It will provide them with the opportunity to be nearer to their customers, (than any other financial service segments including banking), capture natural behavior and preferences, serve them with best-fit products/ services, increase business at NIL/reduced cost, and grow it profitably.

Reasons 2: Insurers can predict risk and use data-led information to undertake risk-adjusted underwriting with personalized pricing and eliminate fraudulent claims drastically by increasing capital availability.

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