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Domain: insurancejournal.com
Stories and comments across the archive that link to insurancejournal.com.
Stories · 4
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How Much Americans Could Save by Ridesharing Driverless Cars Over Owning
An anonymous reader shares a study: Self-driving cars promise safer roads, less traffic and increased mobility. Some autonomous vehicle proponents also maintain they will save time and money. But will they really save Americans time and money? And even if they do, are Americans ready to give up driving? Online insurer Esurance surveyed consumers, analyzed trends, and spoke to experts to find out. "Like with most new technology, we'll see consumer perceptions evolve and adoption accelerate as the promised benefits of self-driving cars are realized," said Haden Kirkpatrick, head of strategy and innovation at Esurance.
The reality is that the first fully autonomous cars will be very pricey and beyond the reach of most Americans. Manufacturers expect the early buyers will be businesses and the very wealthy. One developer says prices won't start coming down enough for most families and individuals to buy them until 2025 or beyond. Until the price of ownership of self-driving vehicles comes down, most people will experience driverless vehicles through ridesharing, according to researchers. According to Esurance research, in the best-case scenario, a family that gives up its car in favor of driverless ridesharing could save $4,100 in annual transportation costs. Other research confirms that a 20 percent improvement in efficiencies of the personal transportation system, would generate a five percent increase in household incomes. -
China's New 'Social Credit Score' Law Means Full Access To Customer Data (insurancejournal.com)
AnonymousCube shares this quote about China's new 'Social Credit Score' law from an insurance industry magazine: "Companies are also required to give government investigators complete access to their data if there is suspected wrong-doing, and Internet operators must cooperate in any national security or crime-related investigation."
Note that China has an extremely flexible definition of "national security". Additionally computer equipment will need to undergo mandatory certification, that could involve giving up source code, encryption keys, or even proprietary intellectual data, as Microsoft has been doing for some time.
The article suggests businesses like insurers "will likely see the cost of complying with this new action as a disincentive to conducting business in China." -
Google Thinks the Insurance Industry May Be Ripe For Disruption
HughPickens.com writes: The insurance industry is a fat target — there's were about $481 billion in premiums in 2013, and agents' commissions of about $50 billion. Now Conor Dougherty writes in the NYT that the boring but lucrative trade has been attracting big names like Google, which has formed a partnership with Comparenow, an American auto insurance comparison site that will give Google access to insurers in Comparenow's network. "A lot of people are waking up to the fact that it's a massive industry, it's old-fashioned, they still use human agents and the commissions are pretty big," says Jennifer Fitzgerald. It may seem like an odd match for Google, whose projects include driverless cars, delivery drones and a pill to detect cancer, but the key to insurance is having lots of data about people's backgrounds and habits, which is perhaps the company's greatest strength. "They have a ton of data on where people drive, how people drive," says Jon McNeill. "It's the holy grail of being able to price auto insurance correctly."
People in the industry and Silicon Valley say it is only a matter of time before online agencies attack the armies of intermediaries that are the backbone of the trade, and Google could present formidable competition for other insurance sellers. As many as two-thirds of insurance customers say they would consider purchasing insurance products from organizations other than insurers, including 23 percent who would consider buying from online service providers such as Google and Amazon. Google Compare auto insurance site has already been operating in Britain for two years as a search engine for auto insurance prices. -
AXA sues Google over AdWords
Da Fokka writes "Insurance company AXA is suing Google in a french court because a search for 'AXA' results in links to their competitors. A similar claim was initially awarded but successfully appealed by Google. If this claim is successful, this could be quite a setback for Google's business model."