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The Changing Auto Insurance Landscape: Influencers Driving Disruption and Change – SMA research report


Article Synopsis :

Emerging concepts of in-car connectivity, mobility, telematics and vehicle usage are radically transforming the auto insurance business landscape and calls for insurers to rethink how they design, package, sell and service their auto insurance offerings.

 The Digital Insurer reviews SMA’s Report on The Changing Auto Insurance Landscape: Influencers Driving Disruption and Change

The auto insurance market is experiencing huge change bought about by the emergence of game-changing technologies

In the research report “The Changing Auto Insurance Landscape: Influencers Driving Disruption and Change”, Denise Garth from SMA talks about some of the key mega trends in the automotive industry that will force auto insurers to invest in innovative solutions to address the evolving needs of customers by leveraging next generation technologies. The report lists the following ‘outside’ influencers of change and disruption that are affecting the market dynamics like never before:

  • Shared Transportation
  • Connected Vehicles
  • Google and Apple Connected Car Apps
  • Autonomous/Driverless Vehicles

The report contains a great schematic which outlines the transformation of auto insurance products:

As Denise points out, “the disruption and transformational potential of each of these influencers individually is great, but when combined, they are game-changing”.

Denise goes on to calculate the potential financial impact of these changes to the auto insurance industry and estimates that they could amount to a staggering $76.6B reduction in DWP.  She therefore advises insurers to redefine and rethink traditional business views, assumptions, product, pricing, and risk models for auto insurance and identifies the following key areas to assess and engage in:

  • Next-Gen vision and strategy
  • Customer relationship model
  • Experiment and pilot
  • Rethink auto insurance products and services
  • Establish new partners


Digital Insurer's Comments

The Auto insurance industry is likely to face significant disruption over the coming years and insurers must react by reimagining their businesses else risk not surviving. Examples such as vehicle to vehicle connectivity, enhanced safety features, mobility and data tracking technology are changing the way risks are assessed by insurance companies and insurers who are able to keep up with these technology shifts will be in a better position to compete and thrive.

Although the auto insurance industry in Asia Pacific remains more traditional, we believe that it is a matter of time before the same trends and drivers will impact auto insurers’ models in the region.  Indeed, a recent report by Future Market Insights, predicts that “Asia Pacific will demonstrate the fastest growth in the global automotive telematics market between 2014-2020”.  As a result, insurance executives must start preparing and responding to these shifts now and learning from more mature and developed markets such as Europe and North America where innovations such as telematics are now common place.

We like the call to action steps that SMA outline above and feel that auto insurers in the region should be focusing on the first two steps in particular – defining their Next-Gen vision and strategy and assessing the impact on their customer relationship model. This will start them on the path to preparing for the inevitable change coming their way.

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