
Do Future Vehicles Need Insurance?

As electric vehicles are becoming more affordable, auto insurers need to encourage safe driving and reward drivers who exercise safety habits. One tool that is a game changer for auto insurers is telematics data. By tracking data, telematic insurance companies can assess accidents and driving behaviors of drivers and provide value for customers.
How a vehicle is operated now dictates how insurance can price products. The future lies in deciding how to make it less correlative and more casual.

Loe/Pexels | Tracking data from insurance companies’ accidents can be assessed
Andrew Rose and the future of the insurance industry
Andrew Rose said that he joined GM financial for the data as it provides the chance to be transformative. He said that they have been collecting data for 25 years at OnStar. Data can be used for insurance cases, whether it is for segmentation, pricing products, finding the drivers, and guiding them about following the safety rules. Through data, this can also be analyzed when an accident has occurred and what parts are broken, if a vehicle completely messed up about the injuries the individual may have got.
All these things are possible under the umbrella of OEM. Very little data is being used at present for pricing, underwriting, and claims. The average manufacturing data of a vehicle available is from the year 2011. As technology starts coming down the road, insurers can use the data to transform the future. The vehicle data is expected to transform the safety of the people and the insurance industry.

Artyom/Pexels | Accidents can be minimized by rewarding people for good road behavior
People also wonder what the future of insurance will turn out to be. According to the GM standpoint, the realization of zeros refers to zero emissions, zero congestion, and zero crashes. Other drivers understand what is happening on the road and assist and guide better. The insurance companies want to take the ADAS(advanced driver-assistance systems) to the next level.
Through this, you can also find out who is responsible for the accident. OEMs have this opportunity to create an insurance ecosystem in a way we can’t even imagine. Access to this information will give access to an understanding of the vehicles coming and the data from the vehicles. The brand will be important as it will link the auto and auto insurance environments in the future.

Andrea/Pexels | Insurers can use the data to transform the future
Andrew Rose hopes to supply data to the insurance ecosystem as General Motors with zero crashes as the goal. From this standpoint, Rose would be rewarding good road behavior. Whether insurance is from OnStar insurance or any other company, we expand the benefits and value of it. He also added that integrated embedded insurance is the future.
To rethink pricing, a way has to be devised to combine data from vehicles with how the driver behaves about the claim data. How will this happen? Andrew Rose replied that the system is getting better, but now we have a chance to acquire sophisticated telematics data. After an accident, the data will help us analyze all the details related to the accident and also who is harmed most by it.
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