“ I think all insurance ultimately will shift from personal lines to commercial lines . The future of insurance is always going to be B2B ”
“ I think all insurance ultimately will shift from personal lines to commercial lines . The future of insurance is always going to be B2B ”
CHRIS MOORE HEAD OF APOLLO IBOTT 1971
vehicles companies buy multiples of that in terms of limits of liability . It ' s our obligation as insurance partners to really make sure we are very proactive on the claims and defence work that we do with our clients to stop that becoming prevalent , and stop that becoming part of the industry .”
Do insurers have enough data to price AV risk ? One of the issues that could burn insurers is the lack of historical data . Today , insurers have 50 or 60 years ’ worth of reliable data behind them to help understand auto insurance risk – but with autonomous vehicles being an entirely new technology , will they struggle to understand the level of risk they ’ re underwriting ? Not necessarily , Moore explains , because many AVs will be so connected that insurers can benefit from real-time driving data .
It will be a change that forces the insurance industry into a complete overhaul . The average American driver spends just 55 minutes a day behind the wheel – that ’ s about 96 % of the time that your car is parked in your garage or on your driveway . As new business models emerge from the AV revolution – including autonomous rideshares , car subscription services and flexible rentals – drivers will question the need to even ‘ own ’ a car at all .
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