Connected Cars in Insurance – Thematic Research
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Connected cars generate millions of data points that insurers can analyze to provide a risk profile of each individual driver. While the risks covered by an insurance policy largely remain the same, connected cars allow insurers to price premiums much more accurately. These cars will also reduce the number of road accidents, due to their ability to communicate with other devices in the connected ecosystem via the Internet of Things. Insurers will likely face higher claims costs in the short and medium term, as the high cost of repairing connected cars will outweigh the reduction in claims frequency. But eventually there will be an inflexion point when there is a large enough ecosystem of connected cars on the roads to lower collisions to a significant enough degree that claims cost will begin to decline.
Scope
Connected cars are already present on today’s roads, and there are insurance policies specifically designed to leverage the data they collect. These policies are still quite rudimentary and only measure a few variables, but they will become more sophisticated over time.
Insurers currently leverage data from back boxes and smartphone apps to create a clearer picture of an individual’s risk profile. However, these offerings are mostly targeted towards young drivers, which limits their popularity.
As connected car technology becomes standard in new cars, car manufacturers will become embedded in the insurance value chain due to the vast amounts of data generated by their fleets. This will open the door for manufacturers to develop their own insurance offerings, increasing competition within the market.
Reasons to Buy
Benchmark yourself against the rest of the market.
Ensure you remain competitive as new innovations and insurance models begin to enter the market.
Be prepared for how regulation will impact the use of connected cars in insurance over the next few years.
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