The automotive industry is changing, and becoming increasingly automated, electrified, and connected. This connectivity not only provides infotainment features to passengers but also unlocks a treasure trove of data for automakers (original equipment manufacturers or OEMs), their suppliers, dealers, and ecosystem partners.
The pace of auto insurers' adoption of telematics has varied widely. But dramatic changes in driving behaviors prompted by COVID-19 have accelerated the relevance and application of the technology for insurers and policyholders alike. A heightened focus by some state regulators on environmental, social, and governance (ESG) factors also favors greater reliance over time on usage-based pricing relative to certain traditional rating factors. Even long-established carriers that were early skeptics have jumped on board. Meanwhile, a number of startups have also entered the fray, looking to snag market share from incumbents by seizing upon the latest technological advancements.
Join this upcoming webinar as our panel of experts look at how the auto industry is evolving in the face of multiple concurrent disruptions, and how some automakers and insurers plan to capitalize on these changes to reinvent how they underwrite and price an increasingly commoditized product.