Automotive technology is evolving faster than ever before.
Semi- and fully-autonomous vehicles are on the horizon, car-sharing has become the norm, and consumers expect their insurance to be capable of adjusting premiums based on real-time driving feedback. All of these issues are having a fundamental impact on the driving experience and the automotive insurance ecosystem.
The traditional auto insurance model has existed alongside the automotive industry for more than 100 years. This model is characterized by providing insurance for named owner/operator(s) of a vehicle, with premiums determined by the named driver's age, gender, driving record and experience. This "traditional" auto insurance model is in transition as is the traditional owner-operator mind-set. Insurers are closely watching the evolving impact this transition will have and are focusing on seven key areas that are ripe for further discussion, research and analysis:
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