Thought Leadership

Bridging the Customer Expectation Gap for Auto Insurance

Auto Insurance is the largest line of business for the P&C insurance industry, primarily driven by regulatory requirements for insurance both personally and commercially. However, ownership and behaviors are changing. With the increased costs of vehicle ownership, environmental consciousness, technological innovation, the work-from-home shift, increased inflation, and the use of mobility options such as rideshare or vehicle share, people and businesses are either extending the use of their existing vehicles or choosing not to purchase a vehicle.

With all these changes, automotive technology has evolved since the first car rolled off the assembly line and has advanced dramatically ever since. These shifts in technology are ultimately driving up insurance and claims costs. Insurers are needing to adapt, keep pace and ultimately embrace these modifications to stay ahead in a tightly contested marketplace and meet customer expectations.

Read this report to better understand:

  • Why insurers must rethink traditional auto insurance products and leverage new data, value-added services, partners, and technologies to meet changing customer needs and behaviors.
  • How data is a key driver of auto insurance change and disruption, including the shift to “real-time” data and continuous underwriting being underway with new leaders already outpacing previous leaders.
  • With market boundaries dissolving, the impact on traditional direct and agent channels expanding to a broader ecosystem of channels and partners. These include marketplaces, automotive, transportation businesses, big tech, and much more.