Insurers Have Limited Time to Prepare for Driverless Cars

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Y Media Labs announces report that details exactly how technology innovation can take over insurers

Driverless Cars & Mobility

Mobile will have a big impact on the future of the auto and insurance industry

I don't think the potential threat of driverless cars will come as a surprise to many insurance companies, but I also think that many of them haven’t considered how mobile innovation can actually help them prosper when driverless cars go mainstream.

According to a recent paper from the award-winning mobile app development company and tech-trend watchers, Y Media Labs, “Google is currently leading the driverless car technology charge... and has indicated that it can reduce traffic accidents by 90%, reduce wasted commute time and energy by 90%, and reduce the number of cars by a further 90%.”

Local governments, as well as global investment firms, already seem to be preparing for the oncoming change, as the article confirms, “A few states (California, Nevada, Florida, Michigan) have already passed bills related to automated driving”. The paper also quotes Cincinnati Financial Corporation Mercury General Corporation as warning that their “financial forecasts may be flawed because innovations such as driverless cars could decrease consumer demand for insurance products.”

Ashish Tosnhiwal, founder of Y Media Labs says, "I don't think the potential threat of driverless cars will come as a surprise to many insurance companies, but I also think that many of them haven’t considered how mobile innovation can actually help them prosper when driverless cars go mainstream."

The article also provides crucial advice to insurers looking to appeal to a new breed of ‘mobile-first’ clients.
By citing the exponential propagation and adoption of telematics technology in motor insurance, which has been around for just over 10 years, the paper proves that consumers are looking for a more personalised, proactive, data-driven service. Given the large, but disparate amounts of user data most insurers have access to, time is running out to start implementing a solution that will bring their legacy systems online with today’s streamlined, mobile technology.

Tosnhiwal goes on to say, “The fact is that there are already mobile use cases for driverless car-based insurance apps that seamlessly integrate with the existing telematics technology, and that are already poised for development and deployment. Because when driverless cars hit the ground, they’re going to do it fast, and there won’t be time to catch up.”

Click Here to download the full white paper from Y Media Labs on why car insurers ignore automated cars at their own peril.

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Ashish Toshniwal
Y Media Labs
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