2 weeks ago we participated for the first time in the User Group “Motor Insurance” of Versicherungsforen Leipzig. In the following blog article, we report on our impressions of the User Group and the new insights we gained.
Various challenges in dealing with dynamic vehicle data
The event had two major focal points: e-mobility and related challenges for insurers and telematics tariffs or data-driven developments.
As e-mobility becomes more prominent, the scope of insurance is constantly changing with new developments. This requires constantly calculating new coverages to fit the new offerings. The area of claims management is also changing rapidly, as new developments always create new potential claims. In addition, there are new legal questions – how can and should an insurance policy in the area of e-mobility suitably look like? What legal provisions are there? What needs to be taken into account?
Similar questions arise in the area of telematics tariffs or data-driven development. Here, too, the focus is on legal and data protection issues. One important question here, for example, is how data protection can still be ensured in the case of networked vehicles. Data collection and data analysis were also addressed, as data protection also plays an important role here. How can data be collected in compliance with data protection laws? How can they be stored in a way that complies with data protection laws? The necessary declarations of consent for data collection in particular give rise to data protection concerns.
Competition or “threat” from outside
Another important point is the ever-increasing competition for insurance companies.
The data from the vehicle, as well as mobility data, allow OEMs (original equipment manufacturers) and big tech companies such as Apple, Amazon, Google and Tesla to better differentiate risks. As a result, the “threat” to the classic motor vehicle insurer is becoming ever greater.
Motor insurance is on the verge of an upheaval
In general, there is an ever-increasing shift away from the “classic” idea of an insured risk. For this reason, mobility insurance is moving more and more into the foreground and will continue to gain in importance in the coming years.
Networked and semi-autonomous vehicles and their data in particular will become massively more important in the coming years and will also become steadily more relevant for insurance companies.
Despite increasing competition from large companies, mobility, telematics and accident data also offer opportunities for motor insurers. Currently, the handling of driving data continues to present insurance companies with new technical and professional challenges.
Overall, the User Group of the Versicherungsforen online motor insurance event was a very good event with many, very interesting presentations. The event provided a good overview of the many changes in the field of motor vehicle insurance and focused on future challenges. Of course, the event was held digitally, so there were limited opportunities for direct contact with experts and professionals. Nevertheless, it was very worthwhile to participate and we are already looking forward to the next time.
Your Faktor Zehn Team