Insurance

Car insurance premiums could be just a fraction of current levels in five years’ time as driverless vehicles are expected to “eliminate bad driving” by 2020. Car insurance premiums could be just a fraction of current levels in five years’ time as driverless vehicles are expected to “eliminate bad driving” by 2020. Deaths and injuries caused by accidents are expected to virtually disappear and whiplash claims and car park disputes, which together account for 94pc of all insurance claims and cost insurers almost £3bn a year,... [Lire la suite]

As we know, Google is developing a driverless car – and has been for several years. Knowing that Google is slowly working its way into just about everything in our lives, we’re wondering … could Google be working on driverless car insurance for their driverless car? Not so fast, says Rory Joyce with CoverHound.com. Joyce has come up with three very strong reasons why Google will not be offering auto insurance in the future. Why? High opportunity cost since Google would cannibalize their costs per click and, thus, their earnings; ... [Lire la suite]

As well as the technical obstacles that are quickly being eliminated by manufacturers of self-driving cars, there are a few potential barriers that will delay the deployment or growth of self-driving cars, just as the ‘Red-Flag Act’ did in the 19th Century. One such obstacle is Insurance Liability. Lloyd’s of London, the insurance underwriter, has recently produced a report about how autonomous car technology will affect the insurance industry.According to the report, insurance companies will have to create new methodologies on how... [Lire la suite]

 How do you get your customers to behave? It may not be by watching our every move and then squirreling away the data. For auto insurance providers, the current method calls for a monitor in your car to collect data on your actual behavior behind the wheel so you can earn a discount for safer driving. That’s the approach championed by the Progressive Insurance Snapshot program. Other insurers are now following suit with their own pay-as-you-drive products, including Allstate and State Farm. Progressive and others are still... [Lire la suite]

Connected cars -- vehicles augmented with Internet-connected intelligent systems and services -- are driving into the fast lane. The number of connected cars is increasing rapidly: Not only are self driving cars set to become legal in the UK from 2015 (as they are already in parts of the US), but analysts expect the market to be worth €39 billion by 2018. So, what do connected cars offer the enterprise? Les voitures connectées - Véhicules intégrant des systèmes et services intelligents connectés à Internet - se développent à grande... [Lire la suite]

Car insurance rates and premiums have always been based on “the group” - age group, gender group, city group, vehicle type group, and so on. For years, insurance companies have been grouping drivers based on statistical and demographic data in an attempt to estimate the likelihood of any one driver getting into an accident. Which makes sense, if static data is all you have, but what if insurance companies could estimate the likelihood of any one driver getting into an accident by knowing exactly how that one driver drives? Switching... [Lire la suite]