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Auto Insurers May Need an Overhaul to Ward Off Competition from Automakers

Insurance companies now face the major threat of new technology, which sends key information about drivers’ behavior directly to carmakers.

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The New York Times wrote recently that as Internet-connected and driverless cars roll onto our roadways, traditional motor insurers will need to adapt to ward off competition from car manufacturers.

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Insurers have struggled for years to make a profit from motor insurance due to intense competition and a rising tide of fraudulent claims. Now they face the threat of new technology, which sends key information about drivers’ behavior directly to carmakers.

Insurers, traditionally slow to embrace technology, need to catch up.

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