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Innovation

What Kind of Impact has Technology had on CAR Insurance?

by Emily Forbes
-- May 23, 2020
What Kind of Impact has Technology had on CAR Insurance?

Technology is constantly shaping and changing the world around us and is a major part of most industries, including car insurance – but just how much of a significant impact has it had on the car insurance industry in recent years and what kind of impact will technology have on car insurance in years to come?

Apps – The world is now seemingly run on apps and there are several smartphone apps that can now be used to record relevant information (such as number plates or witness details) and have made the incident report process that much simpler. Apps have made it easier than ever before to settle cases quickly and in a manner that leaves everyone satisfied.

Telematics – The safer you drive, the lower your car insurance premiums will be. This is the logic by which car insurance has always worked but telematics is able to effectively measure how safe a driver you actually are. Traditionally, premiums have always been generated based on factors such as age and the model of car, but smarter telematics allows you to be judged on your actual driving ability, not what your driving ability should be based on statistical data. Speaking of which.

Big data – It’s in the best interests of all insurance agencies to collect as much data as possible about their customers and there is always going to be more data. Big data is changing the way all insurance companies operate and it can be used by insurers to make claims fairer and faster.

Machine learning – Artificial intelligence is probably behind more of your daily online activities than you realised. For example, insurance comparison platforms all utilise AI algorithms to make their calculations and if you’ve ever spoken to an ‘online assistant’ on your insurer’s website then chances are you were talking to an AI. It’s a tool that can be used to improve customer experience and to focus the online activities of employees and users alike.

 

Autonomous vehicles – We’re still very much in the early days as far as driverless vehicles are concerned but experts have predicted it could save us literally billions a year not only in fuel costs but in insurance costs – because if a human being isn’t behind the wheel, who is actually to blame? Going forward, even legacy insurers such as ALA are going to need to have policies in place to determine who is liable for an accident that involves an autonomous vehicle. For now though, it’s a nice thought, but probably a few years away from being a reality.

Author | Emily Forbes 

An Entrepreneur, Mother & A passionate tech writer in the technology industry!

Email:- forbesemily@yandex.com

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Innovation
May 23, 2020
Emily Forbes @forbesemily@yandex.com

An Entrepreneur, Mother & A passionate tech writer in the technology industry! Contact Email:- forbesemily@yandex.com

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