Facebook and Car Insurance
Posted on Nov 3, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Facebook and Car Insurance
A car insurer that planned to use Facebook data to set car insurance premiums has had to change its plans after Facebook clarified that such use would violate its privacy guidelines. Admiral Insurance had planned to offer a “first car quote” app to young motorists in the UK. It would analyze Facebook “likes” and posts to determine the driver’s level of risk. The insurer could then...
A New Way to Buy Car Insurance?
Posted on Sep 23, 2016 in Insurance Developments and Trends | Comments Off on A New Way to Buy Car Insurance?
A car insurance startup has recently acquired an insurance company with licenses in 50 states. Metromile, which has received funding from investors such as Mark Cuban, charges for car insurance based on miles driven. (A hardware “dongle” tracks how many miles the subscriber drives.) The company also charges a monthly fee that is set based on factors such as location and years driving....
Insurers Preparing for a World of Autonomous Vehicles
Posted on Jul 28, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Insurers Preparing for a World of Autonomous Vehicles
When autonomous vehicles become ubiquitous, what will be the need for car insurance? That is the question auto insurers are beginning to face as autonomous vehicle technology promises safer roads and fewer accidents. At least one insurer, State Farm, is participating in research on driverless car equipment through collaboration with automakers and suppliers at the University of...
Price Optimization: Courts Put Regulators in the Driver’s Seat
Posted on Jul 25, 2016 in Insurance Developments and Trends | Comments Off on Price Optimization: Courts Put Regulators in the Driver’s Seat
Earlier this year, courts in California addressed class actions brought by customers claiming to be harmed by their auto insurers’ use of price optimization and big data in setting auto insurance rates. In both cases, the court stayed the class action and deferred to the regulator under the primary jurisdiction doctrine. Because analysis of the insurer’s use of price optimization in...
Cybersecurity and Allocation of Liability Are Top Concerns Among Risk Managers
Posted on Jul 21, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Cybersecurity and Allocation of Liability Are Top Concerns Among Risk Managers
A recent survey conducted by Munich Re found that, where autonomous vehicles are involved, the top concern for corporate risk managers is cybersecurity. More than half of the corporate risk managers surveyed (55%) named cybersecurity, which included potential hacks into a vehicle’s data system and the failure of “smart road infrastructure,” as their number one concern. Mike Scrudato,...
Insurance Coverage for Driverless Cars
Posted on Jun 29, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Insurance Coverage for Driverless Cars
Who is liable for accidents involving autonomous vehicles? At least one insurance company in Britain is now offering an auto policy that will cover autonomous and partly automated vehicles. The policy covers accidents caused by malfunctions in the car’s driverless systems, as well as cyberattacks on the operating system. According to news articles, the policy covers accidents in...
