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Oliver Wyman: Mobility as a service

Executive summary:

Mobility of the future

The concept of travel is changing – quickly. We now trust strangers to drive us around in their vehicles; car owners offer their mini vans for rent by the hour; dockless electric scooters and mopeds are ubiquitous in many cities, available by the minute. Instead of buying, leasing, or owning a vehicle, today we can ”subscribe” to the mobility services.

 The Digital Insurer reviews Oliver Wyman’s Report on Mobility as a service

MaaS ETA: sooner than you think

A decade ago these business models seemed futuristic and their presence raises important questions:

  • Will they work?
  • Can technology support them?
  • How will payment work?
  • Is insurance available, let alone can it be priced to accommodate task or usage-based consumption?

The answer is yes. Today, this is our reality. But today didn’t arrive overnight.

We believe mobility-as-a-service (MaaS) will have a similar trajectory: slowly, then all of a sudden. It is not ubiquitous in every city today, but if ride-sharing and last-mile delivery going from infancy to global scale in the last five to eight years is any indication, MaaS will be here before we know it. Megatrends – including urbanisation, new transportation consumption patterns, a change in customer expectations, rapidly evolving technology, and city innovations – are shaping the future of mobility.

New models have emerged to address transportation needs across a range of distances. These include ride-share, car-share, car subscriptions, micromobility, with more surely on the horizon. Today, these solutions do not replace but are intended to augment existing modes of transport.

Each represents a step forward in enabling us to shift preferences from private vehicle ownership to MaaS.

As illustrated in Exhibit 1, MaaS aspires to provide a single entry point for all possible mobility solutions and allow for integrated and seamless customer experiences, including payment and insurance across the journey.

Companies reshaping mobility and offering on-demand services will need to identify key drivers to changing behaviours, address inconveniences, and understand what we are willing to pay in return for the added benefits. Balancing ideal requirements with regulations, environmental conditions, data-sharing requirements, and city infrastructure readiness will define the winners in this competitive market.

This paper explores the components of MaaS that are present today. It summarises the landscape, opportunities, and risks.

See the full report for more…

Link to Full Article:: click here

Link to Source:: click here

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