Source: ICICI Lombard
Updated: November 29 2016
A list of technological advancements that will transform the future of car insurance
Unprecedented technological advancements have placed automotive industry at the forefront of a massive transition. As the cars are becoming autonomous, the insurance industry is also transforming itself to cope up with the transition. Here are a few technological advancements that will revolutionise the future of car insurance.
From simple devices to tracking driver’s speed and mileage to advanced data recording tools, telematics has evolved a lot in the past few years. Insurance companies are employing it to monitor driver’s behaviour while driving to assess risks and charge insurance premiums accordingly.
According to ABI Research’s report, global insurance telematics subscriptions will be more than 107 million in 2018, almost 20 times of the 5.5 million in 2013. Insurers are coming with promises of cheaper premiums as rewards for safe driving and as per experts, real-time tracking will be compulsory by the next decade.