Facing the arrival of automatic driving, the refor

In the face of the arrival of autonomous driving, the reform of the automotive insurance industry has quietly started

in the face of the arrival of autonomous driving, the reform of the automotive insurance industry has quietly started

09:40 source: capital laboratory//

original title: in the face of the arrival of autonomous driving, The reform of the auto insurance industry has quietly opened

capital laboratory · today's innovation observation

focus on cutting-edge scientific and technological innovation and traditional industrial upgrading

Zhang Ke

in 1897, Gilbert J. Loomis of Dayton, Ohio, purchased the first auto insurance from American traveler insurance company. It can be said that the history of the automobile insurance industry is almost as long as the automobile industry itself

at present, all countries in the world have forced car owners to buy auto insurance. But up to now, the auto insurance industry has not seen much change. The main reason is that the car itself has not changed much

however, technological changes have never stopped, and autonomous driving will bring the largest leap in the history of the automotive industry, as well as new challenges and opportunities for the automotive insurance industry

1. According to a recent Intel survey of American consumers, only 21% of Americans are willing to switch to autonomous vehicle, but 63% of respondents believe that autonomous vehicle will be fully popularized in the next 50 years

previously, Intel also predicted that by 2050, the autonomous vehicle industry will increase the annual output value of the world economy by about $7 trillion

the market expectation of autonomous vehicle also directly led to the explosion of investment in the industry

according to the statistical data of CB insights, in the past few years, autonomous driving technology has become the main driving force for the investment growth of the entire automotive technology industry

since 2015, compared with other areas of the industry, autonomous driving has achieved a faster growth rate in both the amount of investment and the amount of investment. From 2016 to 2017, investment activities in the field of semi-automatic and autonomous driving technology have surpassed all other areas of the automotive technology industry

comparison of investment in autonomous driving and other automotive technologies

in addition, in the three years from 2015 to 2017, the proportion of investment in the field of autonomous driving in the whole industry increased from 57% to 76%, with an amazing growth rate

with the development and gradual commercialization of autonomous driving technology, the automotive insurance industry is about to usher in an unprecedented change. Some emerging insurance technology start-ups have also begun to break the tradition with innovative technologies and models to meet the challenges brought by autonomous driving in the future

2. Rules need to be changed

once autonomous vehicle become popular, various standards and reference factors for insurance companies to determine insurance rates and coverage will be changed

in the future, we will no longer need to take a driver's license. Learn to drive, and you don't need to drive a car yourself. Therefore, the insurance company will no longer make the premium based on the driver's driving level, but have to refer to the statistics and monitoring data of autonomous vehicle to determine the safety and reliability of each single model, and consider the road conditions, pedestrian density, traffic mode and other factors in the owner's home area

most importantly, in the process of automatic driving, in case of an accident, who should bear it? This is also the current industry and social controversy

3. Startups are becoming pioneers in industry reform. Accident probability and data statistics are fundamental to the normal operation of automobile insurance companies. Modern technology start-ups are changing the channels and methods of data acquisition through the application of new technologies, and entering this relatively dull market through innovative business models, in order to cope with the industry reform brought about by the popularity of autonomous vehicle in the future

American auto insurance start-up root insurance was founded in 2015. The company introduced driving data into the artificial intelligence insurance pricing model and calculated the premium according to the driver's driving behavior

the company uses apps installed in smart to monitor the driving behavior of car owners, such as braking, turning speed, driving time, route regularity and other real-time data, so as to provide car owners with a more reasonable premium price

this year is far from meeting the needs of the market. In March, root insurance received a round C financing of US $51million led by redpoint and a round D financing of US $100million led by Tiger global management in August. At present, the company has raised 177million US dollars in total

in traditional automobile insurance, the car premium paid by the owner is fixed regardless of whether the owner drives far or near, which is obviously unfair to those who drive less. Metromile, an American auto insurance start-up, is committed to solving this problem

metromile was founded in 2011 to provide car owners with car insurance paid by miles, which can help low mileage car owners save a lot of money

metro uses IOT technology to provide OBD (on board diagnostic) equipment Metro pulse for car owners to calculate the mileage of each trip, so as to provide customized insurance for each car owner

with the app, metromile also provides car owners with services such as navigation lines, fuel consumption, car health, car positioning, nearby car repair companies, etc

in July this year, the company received a $90million e-round financing led by intact Financial Corporation and Tokio marine holdings. At present, the company has raised a total of $295million

on the whole, the development of the existing auto insurance business is too slow, such as microwave oven sealing strips, loudspeaker speakers, etc., and it is difficult to adapt to the changes in the future auto industry. However, the auto insurance start-ups driven by data and combined with artificial intelligence technology have provided insurance services for car owners in many states of the United States, and their growth is rapid

these companies will not only change the automotive insurance industry, but also the entire automotive aftermarket

4. Traditional insurance companies have begun to act

of course, traditional insurance companies are also actively trying to transform to build their own technical strength and enhance their competitiveness in the future

arity, a technology company under the American Allstate Insurance Company, is studying the use of sensors to track whether car owners use intelligence during driving, so as to more accurately judge the insurance costs that drivers should bear

Allstate new materials industry will pay more attention to the development of short process, low pollution, low energy consumption, recyclable, green, numerical and other production and manufacturing technologies. The insurance company hopes to collect vehicle owner data and build a new scoring system through this plan to replace the existing risk model. At present, the company invests about US $15million annually for the plan to obtain relevant data

although the return on investment of this data-driven insurance service is uncertain in the short term, it can be predicted that the future society is a data-driven society, and data-driven insurance services will be inevitable in the future

in general, the automotive insurance industry with a history of 100 years is about to usher in drastic changes. Only those insurance companies with user-centered data analysis platforms with the effect of additional efforts can win the final race when autonomous vehicle come. At present, the game has just begun