Car insurance trends in 2019
According to the research carried out by the AoN Inpoint, the premiums for the commercial car insurance in 2017 reached to approximately $192 million globally. This worldwide increase of cars is leading to demand increase of auto insurance, one year after the other. This clearly demonstrates that the worldwide market of auto insurance is exponentially growing. Similarly, the tech-savvy vehicle owners are also increasing in the entire world. This has resulted to increased demand of the technology enabled and continuous accessibility from the auto insurance that is offered globally. This means that auto insurance firms in the entire world have to embrace the innovative technological trends, offer personalized services and ensure touch points. In this particular article, we will have a look at three technological trends that will continue to prevail in 2019 in the auto insurance firms globally.
UBI (Usage based auto insurance)
We are probably going to see many auto insurance companies embracing this emerging trend of UBI (usage- based auto insurance) in 2019. The usage based insurance plans enable insurance providers to be able to track driving behaviors of their policyholders so as to evaluate they risk they pose and calculate their premium rates accordingly. Additionally, the usage- based auto insurance plans track the driving patterns by using sensors and mobile applications in order to provide discounts to the safe and disciplined drivers. This trend of UBI (usage based auto insurance) will gather attention from both the established insurance firms and even the smaller auto insurance firms including the start-ups firms. There are also many aggregator websites and smart phone applications that enable people to calculate their premiums using the auto insurance calculator and compare the car insurance quick quotes. Professionals are anticipating that auto insurance firms will also commence leveraging the technology of GPS so as to track the driving behavior and access the vehicle’s health reports to determine the usage based auto insurance premiums for their users.
Between 2017 and 2018, we witnessed the Chatbot becoming immensely popular. This technological trend will continue to get even stronger in year 2019. As a matter of fact, a certain report by the Credence Research demonstrates that the Chatbot technology will greatly surprise world very soon. Instinctively, many global auto insurance firms are already taking advantage of this trend in technology. For instance, a certain online auto insurance firm based in Poland known as Link4 is among the auto insurance providers who have leveraged the Chatbot technology. This firm utilizes a creative Chatbot, Magdato in order to assist its policyholders with quicker claim settlements, on-time solutions and unified support. We are hopeful that many worldwide auto insurance firms will increasingly embrace the Chatbot technology trend in 2019.
IOT ( Internet of the Things)
For the last ten years, the IOT technological trend has greatly impacted various industries in the entire world. In the past few years, approximately 7 percent of global auto manufacturers have joined the IOT technology trend in order to provide in-built safety technology and seamless connectivity in their vehicles. Professionals are anticipating that more auto manufacturers will continue to join this trend in order to manufacture vehicles that are able to communicate with one another so at to reduce road fatalities and accidents in the future. Additionally, cars with the IOT technology can assist insurance providers to gather the driving habits plus other details of car owners thus simplifying the process of evaluating risks and calculating the auto insurance premiums accordingly. For instance, the Cellcontrol IOT technology is enabled in some cars. This device enables the General insurance provider and car owners to track driving behaviors and limits technology usage in the side of the driver while the car is in motion.
Those are some of the top three technological trends that will be experienced worldwide in 2019 within the auto insurance industry. We are hoping that the ever increasing vehicles and road safety awareness will give way to new innovations that will help the auto insurance firms to increase efficiency and lower their operational costs. Although some of the trends will soon become extinct, some of them will definitely live to point General insurance firm towards the appropriate direction.