Interconnected smart cities, automatic vehicles and portable micro-mobility enabled by IoT sensors, cameras and ADAS systems. Specific insurance products, based on personal driving style and habits. New mobility trends will influence the offer of insurance companies significantly; new types of policies, based on behavioral analysis, driving data and number of kilometers, have already been put in the pipeline.
In the future, multi-modal insurance products will be based on individuals, regardless of the type of vehicle. The progressive insurance sector’s digital transformation is, in fact, strongly influencing the offer of insurance companies, which are developing a new variety of product types enabled by new technologies and in line with new mobility trends. If digital roadside assistance has now become implicit part of the offer, most mobility players already look to the future with data-based products built on behavioral analysis. With the spread of sharing mobility and the increase of alternative means – such as micro-mobility and eBikes – transport habits have been changing together with insurance needs.
New generations seem to appreciate the concept of multimodal insurance products. Data has become an opportunity for companies to generate value by pursuing new business models and obtaining sensitive and competitive advantages over traditional trends. For the insurance sector, it represents a combination of advantages, both for the customer and companies.
Francesco Pisapia, Italy Insurance Consulting Leader EY – Ernst & Young