Auto industry

Some consumers don’t seem to be crying out for usage-based insurance and evidence shows some of the models in use are only mildly predictive at best. Why is that? Why is it that auto insurance companies have not found a way to significantly improve on the traditional metrics of age, zip code and the like despite all the technological advances of the last few decades?

McKeel Hagerty’s parents were into wooden boats and saw an unmet need to underwrite them. Hagerty, however, has been a car nut from day one. When the family’s marine insurance business finally began to offer auto policies in 1991, he saw a chance to join the fold and, along with his sisters, Tammy and Kim, stomp on the pedal.

As we look ahead, evolving technologies are presenting home and auto owners with new potential risks. Hacking and ransomware, once confined to computer networks, may become an endemic cyber vulnerability for our increasingly connected vehicles and “smart home” devices. Yet many of these same technologies could create new data sources and risk mitigation options for personal lines insurers.

The unique partnership comes amid an increase in vehicle crash-related deaths and a desire to help customers understand how their choices could potentially support their overall health.

Millennials are the most eager to go electric, followed by Generation Z, who also expect to see autonomous vehicles in the next five years. However, 40% of respondents said they expect to never use an autonomous vehicle in their lives. The reason for the EV interest is mostly motivated by money.

In other news: Overhaul and Movingdots collaborate; Zurich Resilience Solutions adds DEI service; Vertafore names chief technology officer.

New research from SMA shows that the plans and progress of some transformational technologies are accelerating ahead as others have hit the brakes.

Auto insurers can leverage critical mobility risk insights like distracted driving, hard turns, and more, turning them into effective personalized marketing campaigns.

The EQXX, presented at the CES show in Las Vegas, can drive more than 1,000 kilometers (621 miles) with a battery half the size of Mercedes-Benz’s EQS, its current flagship electric vehicle, the manufacturer said Monday. The sedan’s battery technology is set to be deployed in the company’s compact cars from 2024.

Based on more than 700 billion miles of historical driving data, most recently from more than 32 million active mobile telematics connections and more than a decade of data directly from cars, we’ve predicted three major trends to keep an eye out for as we head into 2022 and beyond.

​​​​It’s hard to believe we’re approaching year eight of Apple’s work on a self-driving car. For all the fits and starts, 2022 could prove to be the project’s most pivotal.

The final standards, which govern the release of carbon dioxide from the tailpipes of cars and light trucks, roughly translate into fleet-wide fuel economy values of 55 miles (89 kilometers) per gallon in model year 2026.

The automaker got the green light to sell its Drive Pilot package for use on stretches of the country’s Autobahn network at a speed of up to 60 kilometers (37 miles) per hour, Mercedes said Thursday.

Not only is digital technology changing but so is the regulatory landscape. Some U.S. states have passed laws that will lead the insurance industry to take a fresh look at technology such as Bluetooth and navigation because they capture significant amounts of personal information from drivers and occupants.

Companies create a more customer-friendly, digitally-focused roadside assistance experience.

The Dutch company will use some of its surplus cash to add scale organically to the global auto business, Chief Executive Officer Bob Van Dijk said in an interview.

In other news: Liberty Mutual launches insurance agency; Neptune Flood releases carbon-neutral plan; New York Life announces CEO-elect.

Electric vehicles fare poorly in the latest reliability study from Consumer Reports, with Tesla Inc. and its battery-powered lineup finishing second to last for the second-straight year. Only Ford Motor Co.’s Lincoln division was worse, the organization said Thursday at the Automotive Press Association in Detroit.

Apple Inc. venturing into cars might shake up the electric vehicles market in the same way the iPhone revolutionized the mobile communications industry in 2007. So says Morgan Stanley.

The acquisition is a win for Lemonade’s recently launched car insurance product. Metromile has a decade of driving data based on its usage-based model and it operates licenses in 49 states, all of which will be merged into a single company, if the deal goes through.