The future of mobility and its impact on the automobile insurance industry

Gatzert, Nadine; Osterrieder, Katrin

doi:10.1111/rmir.12140

Cited by 13 publications

(14 citation statements)

References 47 publications

(94 reference statements)

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“…Overall, we construct a data sample of 102 articles, which result from key word searches ("digitalization" AND "insurance", "big data" AND "insurance", "artificial intelligence" AND "insurance", "internet of things" AND "insurance", "cloud computing" AND "insurance", "distributed ledger technology" AND "insurance", "blockchain" AND "insurance") in the databases Business Source Complete, Econ-Lit Full Text, and ABI/INFORM Collection. 1 We also incorporate the results of Google Scholar and Google searches to consider recent discussions of the practitioners as done, for example, by Gatzert and Osterrieder (2020). In addition, we review, assess and incorporate cited references.…”

Section: Relevant Insurance Use Cases and Requirements For An Insurer's Itmentioning

confidence: 99%

“…We aim to further examine the impact of digitalization on the insurance industry and therefore refer to digitalization as a comprehensive trend (e.g., Gatzert and Osterrieder 2020) with a broad range of (amongst others) economic consequences and do not use the term digitization, which is often utilized for purely technical investigations (e.g., Eling and Lehmann 2018). In terms of digital technologies, we include big data, artificial intelligence, the internet of things, cloud computing and the distributed ledger technology with blockchain as a common form, and refer to these as major digital technologies (e.g., Eling and Lehmann 2018;Kotalakidis et al 2016), which are defined and discussed in detail in the following subsections.…”

Section: Relevant Insurance Use Cases and Requirements For An Insurer's Itmentioning

confidence: 99%

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How digitalization affects insurance companies: overview and use cases of digital technologies

Eckert

Osterrieder

2020

ZVersWiss

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The digital transformation is of increasing relevance for insurance companies’ business models. It leads to opportunities as well as challenges, especially for IT departments as core enablers or preventers. Against this background, the aim of this paper is to provide a comprehensive overview of digital technologies (e.g., artificial intelligence, cloud computing) and the resulting use cases for the insurance industry. To this end, we conduct a review of academic articles, industry studies and publications of the supervisory authorities. We point to the resulting requirements for an insurer’s IT and find many interdependencies between the digital technologies. Our results therefore emphasize the importance of a holistic digital strategy.

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Section: Relevant Insurance Use Cases and Requirements For An Insurer's Itmentioning

confidence: 99%

Section: Relevant Insurance Use Cases and Requirements For An Insurer's Itmentioning

confidence: 99%

How digitalization affects insurance companies: overview and use cases of digital technologies

Eckert

Osterrieder

2020

ZVersWiss

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“…Besides, to get a reasonable understanding of the current state of research on customer satisfaction in the insurance industry, we search the Scopus database for scientific journals using the queries 'customer' AND 'satisfaction' in the field of business, management and accounting. Finally, to reduce the risk of omitting literature important to this work, we extend our scope to Google Scholar and Google, to incorporate recent discussions in the industry and additionally review and assess the cited references (see also Eckert and Osterrieder 2020;Gatzert and Osterrieder 2020).…”

Section: Theoretical Background: Methodology and Analysismentioning

confidence: 99%

Managing customer satisfaction: digital applications for insurance companies

Eckert

Neunsinger

Osterrieder

2022

Geneva Pap Risk Insur Issues Pract

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Customer satisfaction management is increasing in importance within the insurance industry. In particular, to define a customer-oriented strategy, installing digital applications based on technologies, e.g. including artificial intelligence or cloud computing, ranks among the major strategic challenges. Against this background, the aim of this paper is to take an integrated perspective on managing customer satisfaction and the digital transformation. Towards this end, we identify and assess a set of digital applications, as a result of a comprehensive review of 106 academic papers and publications of the industry and supervisory authorities. We illustrate the opportunities to increase customer satisfaction and emphasise their impact on insurers at four major customer touch points: contract conclusion, contract modifications, the event of damage and further contacts. Our results are strategic measures to strengthen the position for sales and marketing, to simplify standard processes and to increase efficiency and interaction with the customer.

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“…Higher vehicle purchase and repair costs will impact insurance premiums as the underwritten liability limits will increase (Ryan et al, 2019). Thereafter, based on extant industry and academic research, we explore the likely changes that will occur in accident claims due to ownership rates and vehicle usage characteristics (Gatzert & Osterrieder, 2020). Finally, we use this background research to highlight a number of challenges that may face primary motor insurers under these assumed scenarios.…”

Section: Introductionmentioning

confidence: 99%

Connected and autonomous vehicle injury loss events: Potential risk and actuarial considerations for primary insurers

Shannon

Jannusch

David-Spickermann

et al. 2021

Risk Manage Insurance Review

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The introduction of connected and autonomous vehicles (CAVs) to the road transport ecosystem will change the manner of collisions. CAVs are expected to optimize the safety of road users and the wider environment, while alleviating traffic congestion and maximizing occupant comfort. The net result is a reduction in the frequency of motor vehicle collisions, and a reduction in the number of injuries currently seen as "preventable." A changing risk ecosystem will introduce new challenges and opportunities for primary insurers. Prior studies have highlighted the economic benefit provided by reductions in the frequency of hazardous events. This economic benefit, however, will be offset by the economic detriment incurred by emerging risks and the increased scrutiny placed on existing risks. We posit four plausible scenarios detailing how an introduction of these technologies could result in a larger relative rate of injury claims currently characterized as tail-risk events. In such a scenario, the culmination of these losses will present as a second "hump" in actuarial loss models. We discuss how CAV risk factors and traffic dynamics may combine to make © 2021 The American Risk and Insurance Association a second "hump" a plausible reality, and discuss a number of opportunities that may arise for primary insurers from a changing road environment. 1 | INTRODUCTION The introduction of connected and autonomous vehicles (CAVs) 1 is expected to have a profound impact on the landscape of road transport risk. These vehicles are expected to introduce tiered reductions in the frequency and severity of motor vehicle collisions. Each tiered reduction represents the additional safety benefits provided by increased levels of vehicle automation (Table 1). A set of projections for expected availability of CAVs, according to the vehicles' own manufacturers, detail that highly automated vehicles are expected to be available by 2030 (Grace & Ping, 2018). Current literature 2 on CAV safety detail how tiered reductions will occur through risk-mitigating advanced driver assistance systems (ADASs) 3 and wireless communication software. The latter is otherwise known as V2X 4 communication. In contrast to conventional vehicles, which require full navigational input from human drivers, vehicles equipped with ADAS technologies can improve driving efficiencies and avoid oncoming safety hazards (Scanlon et al., 2015). With the availability of a suite of ADAS technologies, navigation software, and V2X communication software, CAVs are expected to reduce collision rates. More importantly, CAVs are expected to the reduce the frequency of injuries stemming from motor vehicle collisions (Bareiss et al., 2019). This expectation is due to their ability to predict and react to oncoming hazards at a level that human drivers cannot attain, while remaining free of human fallibilities such as distracted or impaired driving behavior (Fagnant & Kockelman, 2015). Furthermore, in the event that collisions do transpire, safety-optimized vehicle design and ADAS tech...

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The future of mobility and its impact on the automobile insurance industry

Cited by 13 publications

References 47 publications

How digitalization affects insurance companies: overview and use cases of digital technologies

How digitalization affects insurance companies: overview and use cases of digital technologies

Managing customer satisfaction: digital applications for insurance companies

Connected and autonomous vehicle injury loss events: Potential risk and actuarial considerations for primary insurers

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