As the sharing economy, connected cars, and driverless vehicles redefine insurance products, risk assumptions and what companies can offer insurance products, the insurance industry could see up to a $76.6 billion decrease in direct written premium.
That's according to “The Changing Auto Insurance Landscape: Influencers Driving Disruption and Change,” report from Strategy Meets Action, released today. While all these technologies create new opportunities for insurers that embrace these developments, "all four of these together: redefining industry boundaries, customer relationships and loyalty, and long-held business assumptions and models, will be huge," said Denise Garth, SMA Partner.
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