Online Car Insurance in a mostly autonomous world

Now, the industry has clearly focused on the future of autonomy which will, as Jim Levendusky, vice president of telematics at Verisk Insurance Solutions said, “turn the auto insurance industry on its head”.

There will be 33M fully autonomous vehicles in 2030, according to Frederic Bruneteau, managing director of Ptolemus. “We hear a lot of waves are coming. But we need to understand how fast they are coming and how big they’re going to be,” he said.

Autonomy will create huge disruption in the insurance marketplace, according to Anne Melissa Dowling, acting director of the State of Illinois Department of Insurance. “Actuaries will need to be analyse very different data sets and do it very fast,” she said.

There will be an impact on sales channels, she added. For example, will there be a human intermediary or will insurance be purchased automatically? If the latter, the cost of sales could diminish substantially, while employment could be impacted upon.