While the safety and dashcam capabilities are valuable, the more a technology company offers from its platform, the more valuable it becomes to both insurers and consumers. However, developing all the capabilities an auto insurer or a motorist could want in-house is too expensive and time-consuming for a single company to undertake. So, technology companies are driven to partner with other vendors who provide complementary capabilities. (Credit: Beton Studio/Adobe Stock) While the safety and dashcam capabilities are valuable, the more a technology company offers from its platform, the more valuable it becomes to both insurers and consumers. However, developing all the capabilities an auto insurer or a motorist could want in-house is too expensive and time-consuming for a single company to undertake. So, technology companies are driven to partner with other vendors who provide complementary capabilities. (Credit: Beton Studio/Adobe Stock)

Modern cars now come equipped with impressive, advanced safety features, all of which protect the driver and reduce the risk to carriers providing these drivers with auto insurance. Of course, many motorists can’t just buy a new car equipped with these safety capabilities.

That said, they probably own a smartphone. In fact, according to a 2021 study from Pew, at least 85% of Americans do. That smartphone presents insurers with a remarkably flexible platform that can enable a wide array of advanced capabilities.

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