'Autonomous cars, EVs making life tough for insurers'

NEW DELHI: New-age shopper behaviour and technological disruptions such as independent automobiles are impacting the way in which insurance coverage companies function across the world, stated head of assistance business and Apac area for Allianz Partners, Sylvie Ouziel.

France-headquartered Alliance Partners, one of the most global’s leading assistance and insurance coverage companies, gets part its business from vehicles. “Cars are changing,” stated Ouziel. “People personal fewer vehicles these days. More and more vehicles are going electrical. They have fewer transferring portions and therefore are less vulnerable to breakdowns, which means that less business for us.”

Similarly, as driverless vehicles turn into more mainstream, insurance coverage companies are having to distinguish between the obligations of the driving force and the software that controls the automobile. “It gets more complicated when you've got both independent and non-autonomous vehicles at the street,” stated Ouziel.

Apart from era, changing shopper behaviour too is hanging the as soon as conservative insurance coverage industry on the crossroads of sweeping social and economic transformation.

“Across the sector, increasingly shoppers are becoming less hooked up to assets,” stated Ouziel. “For instance, the younger generation don’t need to personal vehicles. They need mobility answers like in relation to Uber or Ola. They need to share their car with different riders.”

Rising asset prices is driving this behaviour, in step with Ouziel. For instance, to maximize the yield from their assets such as properties, individuals are turning to Airbnb to hire them out. “They are even leasing their washing machines.”

And India, in conjunction with China, is far ahead of the curve.

'Autonomous cars, EVs making life tough for insurers' 'Autonomous cars, EVs making life tough for insurers' Reviewed by kailash soni on October 06, 2018 Rating: 5
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