The 2nd Motor Insurance Telematics Conference – Uniglobal, this year took place in Munich and provided interesting insights to the insurance industry, regarding, among other things, the use of black boxes in cars.
Main insurance player with “connected” products, along with innovative players in the social insurance such as Kroodle, or leaders of other market sectors such as Vodafone and Daimler-Benz, showed their vision of the 2.0 insurance (Generali, Axa, RSA, BNP Paribas Cardif, Groupama, Uniqa).
Global development of car BlackBox (currently about 9 million installed, and specifically 4.2 million in Italy) with the evolution, development and distribution of devices supporting the driving, up to the self-driving cars, will make insurance car, increasingly irrelevant in risk management, just because the risk will decrease thanks to technology.
Insurance carrier therefore, are facing with a potential paradox: telematics so widely useful in risk prevention, in perceiving the value of insurance service, and fraud management, may end up removing the risk and therefore the need for insurance.
Some very encouraging trend that the main players (telcos, utilities, automotive OEM) are going to follow and develop, the most interesting of which is mobility, however, are joining the gradual change of the service model and motor insurance revenue.
Interoperability among the different opportunities for mobility is a key issue in the agendas and market strategies of the key players with great potential for insurance carriers.
Which evolution for mobility and which future applications for insurance, perhaps “hovercars”?
