Auto manufacturers and OEMs are in the ideal position to leverage the ever increasing stream of data from a vehicle's sensors streamed over the IoT. Tesla currently leads all auto manufacturers in master data management and the software for safer and autonomous vehicles.
Bundling insurance in with the vehicle- is this the thin end of the wedge for auto insurance carriers? Relegated to commodity suppliers?
Or can they deliver more added-value services that include not just the auto but the home, the person via wearables, pets, assets and so on? A complete answer for customers used to an Amazon like buying experience.
This is the tipping point when vision, goals, strategies and executing these optimally come to the forefront.
At 360Globalnet we are proud of our ability to help carriers deliver such differentiation. Not just in claims management our core strength but in adding services that consumers want now and in the future to let them meet the challenges and opportunities of digitally underpinned lives.
Succeeding will not be easy but for those carriers that have a coherent overall concept for the next ten years lies the opportunity to be in the top quintile of insurers. And that is where all the economic profit lies.
To discuss these issues email Mike.Daly@360Globalnet.com
A relevant report from Bain & Company builds on my article
Original equipment manufacturers (OEM) in the auto industry are also venturing into the space. “Almost every OEM has started their own insurance arm now. Ford and GM, for example, are offering insurance for their driverless cars. Tesla’s “InsureMyTesla” program acts as an agency helping to procure discounted rates for customers on policies underwritten by insurance partners including Liberty Mutual, AXA XL and QBE.