Increasing Reliance on Insurance Agents
Posted on May 3, 2017 in Insurance Developments and Trends | Comments Off on Increasing Reliance on Insurance Agents
In a recent study, JD Power reported that auto insurers increasingly rely on agent recommendation to drive new business sales. The market has not grown significantly in the last year, with slight premium increases and similar numbers of insurance purchasers and quotes since the 2016 study. Although price remains very important to consumers, an agent’s recommendations are becoming...
The Question of Liability in Autonomous Vehicle Crashes
Posted on Apr 18, 2017 in Industry News, Insurance Regulation, Technology Impacting Auto Insurance | Comments Off on The Question of Liability in Autonomous Vehicle Crashes
Despite the ongoing development of autonomous vehicles, and the push to get autonomous vehicles on the road, there are still many questions about who can be held liable in the event of an accident. For example, while a consumer safety group believes that automakers should assume responsibility, automakers have argued that the issue is covered by state insurance laws determining...
Big Brother Is… Underwriting?
Posted on Apr 7, 2017 in Technology Impacting Auto Insurance | Comments Off on Big Brother Is… Underwriting?
Speakers at the Casualty Actuarial Society’s Ratemaking and Product Management Workshop recently commented that as the internet of things spreads and encompasses devices in vehicles and homes, underwriters for personal lines insurance companies must begin to take into account “exposure data tracking.” With respect to auto insurance, carriers now have access to sensors that can track...
Concerns About Losses in the Auto Insurance Market
Posted on Apr 4, 2017 in Insurance Developments and Trends | Comments Off on Concerns About Losses in the Auto Insurance Market
According to a recent Fitch Ratings report, the auto insurance industry experienced significant losses last year that outpaced premium increases. Although some carriers were able to make a profit in the personal auto segment, an increase in insurers’ average combined ratios indicate that the overall market is weakening. Losses may be increasing due to an increase in miles driven, the...
Tesla Considering All-Inclusive Packages
Posted on Mar 2, 2017 in Industry News, Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Tesla Considering All-Inclusive Packages
Tesla is now contemplating an all-inclusive package, wherein the price of the car would include insurance and maintenance during the duration of ownership. In fact, Tesla’s Asian customers are offered a package that already covers certain car ownership expenses. Those packages include a customized insurance product that covers Autopilot and maintenance costs. The deals do not exclude...
