Granted, how long that can be sustained is questionable—since personal auto liabilities are relatively short tailed, improved loss experience will hit ratemaking analyses quickly. Not only will regulators likely push for insurers to reduce rates due to system transparency—the market should re equilibrate to favor vehicles with autonomous features. Insurers that are able to adapt their underwriting guidelines and rating algorithms to better attract and price favorable risks and account for these new technologies stand to gain the most. Insurance operations will also need to evolve to serve new products, customers, and channels and to address the technological advancements enabled through the future mobility ecosystem. To help realize both top and bottom line growth, insurers should create new products and services aligned with the needs of customers in the four future states. They will need to build expertise in new systems and technologies. They will need to more quickly and accurately price risk and underwrite policies. And they will need to leverage new sources of data throughout the insurance value chain. While market change may be incremental at first, a set of unique sales, underwriting, and claims processing needs are already beginning to take hold. Insurers are well advised to start planning now and developing strategies to lead the market, rather than pivoting later in response to changes. The latter may be risky, especially in an environment as dynamic as this one.
It is crucial to know that the low priced options are not necessarily the best options. In the eventuality of a disagreeable contingency people may perhaps discover that the insurance policy that they bought for their car was not the right choice. "Cheap" could turn out to be expensive. It denies the policy holder the benefit Car Insurance is supposed to provide in case of an accident. Shopping for an insurance policy for vehicles such as a car doesn't have to be complicated. A little knowledge about the basic concepts of insurance coupled with some common sense goes a long way in simplifying the whole process.
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In addition, the authors would like to thank the team that dealt with the day to day activities and was instrumental to the development and delivery of this paper: Derek Pankratz, Tim Janas, Nick Cowell, Nick Jameson, Elinor Chang, David Kornberg, Linda Li, Sarah Manuel, and Matthew Budman.