Several important changes have taken place in the past decade:

New vehicle types: From e-scooters and e-bikes on the ground to drones in the air, the landscape has changed and with it, our ability to commute, reach new places and introduce new business strategies. These affordable, adaptable and accessible means of transportation are bringing with them major changes to cities, infrastructure and landscapes. While we as a society are quick to reap the benefits of these modes of transport, insurance for these new vehicle types is sometimes inadequate.
New types of ownership and utilization: The growth of the gig economy, mainly last-mile deliveries, created new opportunities for vehicle owners. We are seeing new kinds of companies that manage large fleets but don't own a single vehicle and only have occasional interactions with drivers. This complex logistics challenge is met with native connection and constant tracking of each interaction. DoorDash and Deliveroo created an entirely new industry with last-mile deliveries based on bikes and mopeds, and Uber Freight is planning to do the same for interstate freight shipping. These new forms of ownership and pay-as-you-go usage models demand episodic insurance models.
Improved safety and connectivity: Today's mobility devices are powerful data processing machines capable of understanding contextual and behavioral information in order to help make smarter and safer decisions. Each drive, trip, ride or flight is logged with rich telemetry that creates an extensive dataset per driver, vehicle or even location. Connectivity creates meaningful opportunities for better risk models (pay-as-you-drive or pay according to how you drive), as well as unique opportunities for API-based embedded insurance.

While these three mobility trends are disrupting and will continue to disrupt the way we move, they also make it clear how far behind insurance is when attending to the needs of today's customers.

Special Reports /

Mobility tech is speeding up as insurance companies lag behind

Related Stories

Recommended For You