- Accident rates will be diminished dramatically.
- There will no longer be drivers to insure.
- But it’s actually even worse than that for insurers: Thefts will be minimized, too, as vehicles can be disabled remotely.
- Fire and malicious damage cover will no longer be needed, as personal and business vehicle ownership is increasingly replaced by manufacturers supplying "vehicles as a service";
- With the majority of vehicles still being owned by manufacturers, those manufacturers will increasingly self-insure – at best taking some reinsurance cover from the industry for catastrophic software failures.
The Insurer of the Future - Part 1
The Insurer of the Future will do little auto business. Insurers that remain focused on this segment will shrink drastically or fail.