User Manual Q&AAnswer
Feb 07, 2025 - 08:38 PM
Automotive OEMs (Original Equipment Manufacturers) entering the insurance space is considered a significant disruption in the industry. This disruption occurs throughout the insurance lifecycle, from data collection to prediction, retention, and placement of insurance products. The automotive industry is increasingly focused on using data and experience to drive upgrade events and improve risk assessment. This disruption is driven by the recognition that insurance is no longer just about billing or claims for renewal but is now more about the exchange of data and experience.
One of the key aspects of this disruption is the amount of sensor data available, which is driving commercial risk assessment and wildfire risk assessment. This data allows for a better understanding of pricing and risk, as well as the ability to prevent risks in the insurance chain. The elimination of risk is highly valuable in the insurance industry.
Additionally, there are three major points of disruption driving this change. First, there is a shift in the nature of risk and how it is assessed. Second, there is a change in how insurance products are distributed. And finally, there are new elements available to run insurance companies more efficiently.
The announcement of Amazon's Insurance Store launching in the UK is a significant development that will capture the attention of the industry. The UK is already an aggregator market, and Amazon's entry into the insurance space could potentially disrupt the marketplace further. It is important to pay attention to this and other disruptions in the industry.
Overall, the automotive OEMs' entry into the insurance space is a disruptive force that is reshaping the industry by leveraging data, improving risk assessment, and exploring new ways to distribute insurance products.
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