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Global car insurance trends in 2020

The dynamic car insurance industry is continuously developing and changing to better meet consumers’ needs.

There are the usual fintech trends that we see becoming more popular. Nevertheless, what else is happening in the world of insurance? Let’s explore several global car insurance trends.

Car makers offer car insurance

Several vehicle manufacturers now offer car insurance overseas. Porsche, Tesla, Toyota have started providing insurance for some of its vehicles in the US.

Highly competitive car insurance deals together with vehicle financing offers may help sell more cars.

Caring for the environment

Climate change or global warming will always trend around the world.

It is a global issue, and caring for the environment has become critical. Insurers will continue to find ways to improve the way in which we treat the environment.

Perhaps insurers will invest more heavily into reducing their carbon footprint.

Another avenue for insurers could be to offer electric and hybrid car owners’ incentives, thereby helping promote these vehicles.

Virtual Reality

Virtual reality offers us immersive interactions with virtual worlds and other activities.

Consumers may take part in an insurer-sponsored event within the virtual world of a popular online game.

Insurers may train their staff with virtual reality training programmes.

Drones

Drone technology offers consumers and insurers new opportunities. Insurers could fly drones to accident scenes to help speed up their clients’ vehicle damage assessments and claims.

One insurer in the US already uses drones to assist with insurance-related damage assessments and risk assessments.

 We live in fascinating times where technology can make our lives easier and help insurance companies too.

Insurers need to go beyond what is expected of them to push what can be done to help their clients.

Innovation lies not only in technology but also in the way insurers develop their products.

Perhaps consider getting affordable car insurance with PMD, which offers innovative benefits.

 Sources:

  1. https://www.oneincsystems.com/blog/insurance-industry-12-trends-for-2020
  2. https://www.duckcreek.com/blog/insurance-technology-trends/

This article was published in partnership with Prime Meridian Direct.

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Global car insurance trends in 2020