September 2-3, 2020
100% Virtual | Live and OnDemand
The Future of Automotive Insurance
In the run-up to Connected Car Insurance USA 2020 we asked you, our valued audience, what you think is the Future of Automotive Insurance. We were overwhelmed by the response! Thank you for taking the time to complete the survey.
TAKEAWAYS INCLUDE:
- Best UBI Product: 25% of you agreed that all UBI products (PAYD, PHYD and MHYD) are important to the automotive insurance market. PAYD and PHYD came out slightly ahead of MHYD with 17% of the votes each. 8% of our audience voted for MHYD.
- Automaker and Insurer Collaboration: Overwhelming, our audience agreed that collaboration is vital for the future of the automotive insurance industry. 50% voted that this type of collaboration is "Extremely Important". As we build the agenda for Connected Car Insurance USA we will be featuring content that dissects what makes a successful collaboration.
- The Digital Future and Customer Loyalty: The future of automotive insurance is digital! Over a third of the survey respondents strongly agreed that "Digitizing legacy systems will significantly increase customer loyalty" and""Incorporating mobile technology into the personal claims process will significantly increase customer loyalty." It is clear that the auto insurance industry is looking to leverage digital technology to answer growing consumer demand, foster loyalty and retain business.
- Autonomy Preparedness: 67% of respondents feel that automotive insurance is extremely unprepared for the launch of autonomous vehicles. Autonomous vehicles are not yet on the mass market. But what steps do we as an industry need to take to be ready? This will be up for debate at Connected Car Insurance USA 2020.
- COVID-19: No 2020 survey would be complete without a quick look at COVID-19 and the industry's response. The insurance industry is generally well placed to deal with major events, such as pandemics and any impact will play-out over time. 59% agreed that the industry is well prepared, including being able to offer alternative working solutions quickly and effectively.
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