The uptake of technology in both commercial and personal vehicles is rapidly changing, with autonomous emergency braking, lane-keeping assistance, on-board cameras, and collision warning sensors becoming increasingly popular in new vehicles. This is paving the way for insurance products that leverage this connectivity to enhance the customer experience.
Insurers have been adapting their policies to unlock the opportunities that technologies such as telematics and dash cams create to develop tailored policies that meet the different needs of customers. By Miles has gone further than most by teaming up with vehicle manufacturer Tesla to create the first connected car insurance policy. While these policies are limited to Tesla vehicles, the potential to disrupt the market is still present as Tesla Model 3 has become increasing popular, becoming the third best-selling car in August 2019.
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The insurer will receive information regarding the distance driven by policyholders directly from the vehicle, removing the need for a telematics box or mobile app – which has previously been essential. Premiums will then be calculated using the data received, allowing for a greater level of personalisation than that offered by a standard motor insurance policy.
With vehicles becoming increasingly packed with technology and data-gathering mechanisms, By Miles has placed itself at the forefront of the motor insurance market in the UK. The insurer is now strongly positioned to capture the developing connected car insurance market.
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By GlobalData
