Spotlight on Auto Insurance

Agenda, Attendee List, & Presentation files now available to Autotech Council members in the library.

This 90-minute virtual session focuses on the innovation happening in vehicle insurance. As new models of self-driving cars emerge, along with new models of car ownership, the way we manage risk is also changing, and the car insurance sector with it. What are startups and innovators doing to shake up the insurance industry? We will meet 6 of them, followed by a roundtable on personal auto insurance with attendees, and leave some time for live networking at the end of the session.

  • Date:10/25/2022 01:00 PM
  • Location Autotech Council Virtual Lounge

Description

FULL DETAILS    |   ATTENDEE LIST   |    AGENDA   |    PRESENTATION LIBRARY

As part of our Spotlight Series discussion of interesting topics in the Automotive industry, this week the Council concluded the series by considering the topic of Auto Insurance for the future.

Our 90-minute virtual session focused on the innovation happening in mobility insurance. As new models of self-driving cars emerge, along with new models of car ownership, the way we manage risk is also changing, and the car insurance sector with it. Our session was co-hosted by Avanta Ventures, a corporate VC firm very interested in car insurance, as they are related to the AAA, which insures millions of drivers. We had presentations from 5 startups, innovating in the following segments:

  • loss prediction
  • edge cases
  • UBI
  • safety assessment
  • augmented underwriting

Leading the Q&A were delegates from Avanta Ventures and Tokio Marine who quizzed the startups on their propositions. Members can access the decks via our Presentation Library.

Following the rapid-fire product introductions, attendees joined the interactive roundtable on personal auto insurance.

The discussion revealed two trendlines currently undergoing change in auto insurance:

  • The evolution of conventional auto insurance. Even though “conventional” the addition of more ADAS systems, pay-as-you-go car insurance, black boxes, cameras, ODBII telematics devices, and the rising cost of repairs mean that this classic line of business is undergoing rapid change.
  • The revolutionary emergence of self-driving cars. As self-driving cars start to be used on the road, and are expected to grow in the foreseeable future, Insurance carriers need to adjust their business models around the new risk profiles, and radically different assumption of responsibility that these cars present.

Thanks to Avanta Ventures, Tokio Marine, and to all our startup/innovation speakers. Their slides are now available in the Member’s Library.

FULL DETAILS    |   ATTENDEE LIST   |    AGENDA   |    PRESENTATION LIBRARY