Capital Innovation Lab today observed
focused cutting-edge technology innovation and upgrading of traditional industries
in 1897, Gilbert Dayton, Ohio, USA J. LoomIs travel from the United States Insurance companies who bought the first Car insurance. We can say that the hIstory of Auto insurance industry Is almost as old as the Automobile industry itself.
At present, countries around the world have been mandatory for owners to purchase Auto insurance. But today, the Car insurance industry Is still not much change. The main reason Is: the Car itself did not change much.
However, technological change has never stopped, and the Autopilot Will bring the Automobile industry the largest ever leap and bring new Automotive insurance industry challenges and opportunities.
1. The blowout good expectations and investment
According to Intel’s recent survey of US consumers It shows that only 21 percent of Americans are Willing to switch to Autonomous vehicles, but 63% of respondents believe that the next 50 years Will be fully Autonomous vehicles universal.
Previously, Intel also predicted: 2050, Autonomous vehicles industry Will add about $ 7 trillion world economy the annual output value.
for Autonomous vehicles market Is expected to be brought directly to the outbreak of the investment in the industry.
According to CB Insights statIstics, in the past few years, Automated driving technology has become the main driving force throughout the Automotive technology sector investment growth.
in 2015, compared to other areas of the industry, both in quantity Autopilot investment, or the amount of investment, have achieved faster growth rate. And between 2016 and 2017, dedicated to semi-Automatic and Automatic driving technology in the field of investment activity has surpassed all other areas of Automotive technology industry.
In addition, between 2015 to 2017 three years, Autopilot sector investment accounted for the entire industry the proportion rose from 57% to 76%, an alarming growth rate.
With the development of technology and the gradual Autopilot commercial Auto insurance industry Is about to usher in an unprecedented change, some emerging technology start-ups the insurance companies have begun to innovative technology and break the traditional mode, to meet the challenges the future brings Autopilot.
2. The rules need to change the
Once the popularity of Autonomous vehicles, Will change the current insurance company to determine the premium rate coverage and various criteria and considerations.
in the future, we Will not need a driver’s license. Learn to drive, there Is no need to personally drive a Car. Therefore, the insurance company Will no longer develop for premiums based on driving level of the driver, and had to refer to the Autopilot statIstics and monitoring data to determine the Car’s safety and reliability of each single model and consider the area home owners factor in road conditions, traffic density and pedestrian mode.
The most important thing Is, in the Automatic driving, once the accident, who should take responsibility? ThIs Is also the current industry and social controversy lies.
3. Start-up companies are becoming change in the industry pioneer
accident probability and statIstics Is Auto insurance business the essence of the normal operation, and won modern technology start-ups Is through the application of new technologies changing the dataTake channels and ways, and through innovative business models into thIs relatively dull market, in order to cope with future Autonomous vehicles popularity brought about change in the industry.
US Auto insurance start-ups Root Insurance Founded in 2015, the company Will drive the introduction of artificial intelligence data insurance pricing model, and to calculate premiums based on driver behavior.
companies use APP installed in the smart phone owners to monitor driving behavior, such as braking, cornering speed, travel time and route regularity real-time data to provide a more reasonable premium price for the owners.
In March, Root Insurance obtained from Redpoint lead investor in the $ 51 million Series C round of financing, in August and get Tiger Global Management lead investor of $ 100 million D round of financing. The company has a total financing of $ 177 million.
In a conventional Car insurance, Car owners regardless of dIstance or near, premiums are paid by the Car fixed, which Is obviously unfair to those who drive less. The US Auto insurance start-ups Metromile Is committed to addressing thIs problem.
Metromile establIshed in 2011, providing a pay-per-mile Auto insurance Is the number of vehicle owners, can help low-mileage Car owners save a lot of money.
Metromile using networking technology to provide OBD (On-Board Diagnostic, OBD) equipment owners Metromile Pulse, to count the mileage of each trip, providing customized insurance for every vehicle owner.
with the phone APP, Metromile also provide vehicle owners with navigation lines, fuel consumption, vehicle health status, vehicle location, near Car repair companies and other services.
In July, the company received $ 90 million round of financing from the E Intact Financial Corporation and Tokio Marine Holdings lead investor, the company has a total financing of $ 295 million.
Overall, the development of exIsting Auto insurance business Is too slow, difficult to adapt to future changes in the Automotive industry, and Is driven by data, combined with artificial intelligence Auto insurance start-up company has provided insurance services for vehicle owners in many states, and growing rapidly.
These companies Will not only change the Car insurance industry, Will also change the entire Automotive market.
4. Traditional insurance companies have begun operations
Of course, traditional insurance companies are actively trying to transformation, to build its own technology to enhance future competitiveness.
United States Allstate Insurance Company’s technology companies Arity Is studying the use of sensors to track vehicle owners to use smart phones while driving, thus more accurately determine the cost of insurance drivers should bear.
Allstate Insurance Company owners want to collect data through the program and build a new scoring system to replace the exIsting rIsk models. At present, the company that plans to invest about $ 15 million a year to obtain the relevant data.
Although thIs data-driven insurance services return on investment in the short term Is not clear, but it Is foreseeable that, the future of society Is data-driven the society, based on data-driven insurance services Will be the inevitable future.
Overall, the century-old Auto insurance industry Is about to usher in dramatic changes, only can those with user-centric data analysIs platform for the insurance company in order to AutopilotWhen the Car arrives, to win the final game. Currently, the game has just begun.