Connected Cars in Insurance - Thematic Research

Connected Cars in Insurance - Thematic Research

Summary

This report provides an in-depth analysis of the connected motor insurance market. It looks at market size as well as claims, contextual and economic factors, regulation, and opportunities. It provides a thorough overview of the market along with analysis of how the development of connected cars will impact the insurance value chain.

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.