Technology Trends That Will Shape Car Insurance

Technology is changing the landscape of doing business, and as it sweeps forward, the car insurance industry will not be spared. Both insurer and insured will now have to take into consideration the potential impacts of technology on their liabilities and claims. In this article, we outline some technological advancements that will shape the future of auto insurance.

The Emergence of Driverless Technology
Elon Musk, Tesla CEO, has revealed in an interview that the automaker’s enhanced autopilot feature will be fully functional by 2020. Due to this, self-driving cars will cause a shift in insurance assessment, particularly the potential risks to be borne. Some of the more considerable causes of vehicular accidents, such as distracted driving, fatigue, and drunk driving could be eliminated entirely. And as driverless technology rises…

There Will Be a Fall in Car Ownership Due to Driverless Ride-Sharing
Many urban cities have begun to shift to driverless ride-sharing. Most people in the future won’t own cars anymore, but instead, rent automated cars from companies for their own commute.
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The Internet of Things (IoT) Boom Continues to Impact the World
Simply put, the internet of things is what it says, interconnectivity between objects. It is a system of interrelated physical machines, allowing them the ability to transfer data over a network. Cars utilizing IoT would be able to communicate with each other, reducing road mishaps and accidents. Furthermore, IoT will help insurers gather data, including driver inclinations, to make it easier to determine risks and create personalized premium plans for each insured driver. 

The Time of Chatbots Is Upon Us
An online car insurance company in Poland markets itself as the “first company to sell motor insurance exclusively via phone and internet.” The entity uses an innovative and highly-developed chatbot, speeding up the claim settlement process and providing near-instant resolutions to queries. Chatbots greatly streamline the process, reducing overhead and administrative costs, and several car insurance companies have already used, and are planning to leverage this emerging trend.

The auto insurance industry is not constant; it also evolves and undergoes hefty changes. The ever-changing technological landscape affects anything and everything, and the car insurance industry readies itself for the crashing waves it will make to ensure that its clients are always protected.

At Robert Nichols Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (561) 406-6153 or Click Here to request a free quote.