mous vehicles will be able to communicate with each other at some point in
the future, reducing the number and seriousness of accidents. Berg Insight estimates that the number vehicles equipped
with OEM embedded telematics systems
could increase from 12 percent in 2013,
to 54.5 million units in 2020.
All of this auto technology means
that vehicles will be more vulnerable
to cyber attacks and manufacturers are
being forced to rethink accessibility
10. Impacts for insurers
What does all of this mean for insurers?
• Consumers want more choices and
personalization across their insur-
• They also expect greater service using their mobile devices – insurance
technology matters to them.
• Increased access to data means insurers need to learn how to work with
different types of unstructured data
and keep all of this information safe
• More drivers on the road means increased claims, and newer vehicles
means that they will cost more.
•Technology is causing more distracted driving, and more, not fewer,
accidents. Talking or texting while
driving results in more cognitive
• There has been an increase in bodily
and personal injury claims as more
miles are driven and more cars travel
on interstate highways.
• How consumers commute to work
is changing. There are more riding their bikes, walking and using ride-hiring options. Fatalities
have increased for bicyclists and
• The cost of vehicle repairs will continue to increase as vehicles become
more technologically complex, the
cost of OEM parts escalates, and
repair tools continue to change. According to CCC, the average cost of
a repair in 2016 was $2,861, up 3. 8
percent from 2015.
• In the next 10 years, crash avoidance
technology could reduce auto claims
by 7 percent, and by 12 percent in
The impact of digital technology
means that insurers must adapt more
quickly than ever before. Their poli-
cyholders demand it and the amount
of information now available can be a
key differentiator in keeping insurers
aware of new opportunities and risks
in order to survive in today’s constantly
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