Business team collaborating on project Designing auto insurance is much more complicated than designing the auto itself. (Photo: iStock)

If you’re an up-and-coming automobile manufacturer (or InsurTech) looking to break into the auto insurance space, you may want to read this. Insurance isn’t like manufacturing, it’s not like retail, it’s not like banking, it’s not like anything else. But if you know a few things about the industry beforehand, you can save yourself a lot of grief later on.

If I were an automobile manufacturer and wanted to build an insurance product for my cars, it would be conceptually straightforward. I would come up with the unique coverage for my specific type of car and then price it accordingly based on the characteristics of my automobile. However, the reality is quite a bit different for some very specific reasons:

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