The fundamental change to how we insure people's "transportation assets" as we move from personal insurance on personal cars to first driverless cars, then shared cars and ultimately TaaS (Transport as a Service) may be one of the most visual rebalancings in the insurance landscape of the next couple of decades.
This detailed report by The Boston Consulting Group and Morgan Stanley Research takes a detailed look at how the personal transportation industry is changing and how this will impact insurance.
Auto insurers are basking in a false sense of security, seemingly oblivious to the impending decline in market size and the threat of new entrants. The sector is ripe for disruption: the value of insurers’ proprietary data and traditional expertise is diminishing, and other players are emerging with the data, analytics, and customer access needed to attack the value chain. In light of the combined threat of these dynamics, incremental change is not an option. Insurers must adapt.
https://www.bcgperspectives.com/content/articles/automotive-innovation-motor-insurance-20/
