In Automobile insurance in the age of autonomous vehicles, a survey from KPMG, insurance company executives answered questions about data ownership, Googles role, and more. Read on for the most important tidbits for insurance technology leaders.
1. Data Ownership
Nineteen percent of respondents said that owning, controlling, and monetizing the data from driverless cars was among the two most critical areas of focus for insurance companies. This ranked third behind understanding the underwriting impact and understanding consumer acceptance.
2. More data ownership
Four in five respondents said that established technology firms like Google and Intel would own autonomous vehicle data. A further 71% predict ownership will lie with the original equipment manufacturers (OEMs), like Ford and Mercedes Benz.
3. Googles role
Respondents expect Google to have a larger role in the insurance industry as driverless cars proliferate. Almost all (87%) expect the company to control driving data, and 23% predict the company will become a carrier itself. Fifty-five percent anticipated Google having a role in insurance distribution, but it already does with the launch of its Google Compare site earlier this year.
4. Different competitors
OEMs are expected to start providing insurance on their own in the driverless car era, respondents said at a 58% clip. Start-ups and technology firms, as well as capital providers, are also on the radar as potential competitors going forward.
5. Tech investment
Twenty-eight percent of insurers report they are making technology investments in anticipation of the autonomous car era. That leads people and enhanced processes, but most carriers are making no investment at all, according to the survey.