19 May Insuring the future of mobility

Since the first personal auto insurance policy was written over a century ago, the basic insurance model hasn’t changed much: Policies are typically written on a vehicle-by-vehicle basis, protecting the owner and driver if the vehicle is involved in a collision, stolen, or otherwise damaged. It’s clear, straightforward, and as established as almost any business practice.

...insurers need to understand their role in the new ecosystem...

Now, the future of mobility looks poised to upend that model and change nearly everything about auto insurance: who the customers are, what products they demand, and how to market to them. Indeed, as ridesharing, carsharing, and autonomous vehicles increasingly replace traditional models of automotive transportation, insurers may have to rethink their role in the mobility ecosystem and their relationship to drivers, owners, and vehicles. For future underwriting models, insurers will likely need to consider the advent of safer vehicles, new vehicle designs, and new sources of risk and liability.

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