Autonomous vehicles, guided by artificial intelligence and machine learning, promise to revolutionise transportation by reducing human error, increasing efficiency, and potentially even eliminating the need for personal car ownership.
Shared mobility, including ride-sharing and bike-sharing services, is already transforming urban transportation. As these services become more prevalent and efficient, we can expect a significant reduction in the number of privately owned vehicles.
“EV Cars are software on wheels”
as stated at Insurtech Insights 2024
Electric vehicles (EVs) are another key component of the future mobility ecosystem. As stated at Insurtech Insights 2024, “EV Cars are software on wheels”. With their potential to reduce carbon emissions and reliance on fossil fuels, EVs are set to play a crucial role in creating a sustainable future.
Embedded insurance is the integration of insurance services directly into non-insurance platforms. In the context of mobility, this could mean having your ride-share app offer insurance coverage for the duration of your ride, or your autonomous vehicle’s software including coverage for any malfunctions or accidents.
This seamless integration of insurance not only provides consumers with greater convenience but also allows for more personalised coverage. For instance, pay-per-mile insurance could be automatically activated when a shared vehicle is in use, ensuring that coverage is proportional to usage.
The intersection of these two trends - the future of mobility and embedded insurance - presents exciting opportunities. As our transportation systems become more connected, data-driven, and autonomous, the need for integrated, flexible, and responsive insurance solutions will grow.
Imagine a world where your autonomous vehicle has an embedded insurance policy that automatically adjusts based on your driving habits, the vehicle’s health, and real-time risk assessments. Or a ride-share platform that offers dynamic insurance coverage that adapts to factors like trip duration, route safety, and passenger behaviour.
The future of mobility and embedded insurance is a dynamic and exciting space, with significant potential for innovation. As technology continues to evolve and consumer expectations shift, the integration of these two sectors will play a crucial role in shaping our transportation systems and insurance models.
In this future, insurance will no longer be a standalone product, but an integral part of our everyday mobility solutions, providing us with safer, more efficient, and more sustainable transportation options.
WTW offers insurance-related services through its appropriately licensed and authorised companies in each country in WTW operates. For further authorisation and regulatory details about our WTW legal entities, operating in your country, please refer to our WTW website. It is a regulatory requirement for us to consider our local licensing requirements.
