"We know that roughly 93% of all vehicle accidents are caused by human error. And of that, almost 1 trillion dollars is spent on auto repair. Sit back and question that for a second, and that’s when you realise that all of this money – nearly 1 trillion! – is being dropped, variably, right into the pockets of the auto repair companies and the physical parts manufacturers.
These companies have remained semi-relevant amidst semi-autonomy by consolidating their operations in a cartel-esque manner through the three-word acronym we commonly call OEMs (original equipment manufacturer)."
Steven Schwartz 30th April, 2018 Insurtech Rising365
Not just OEMs either; the whole insurance model underpinning the auto industry, car leasing and ride-share will implode with move to autonomous & electric vehicles.
Urge you to read rest of Steven's article linked below and read _
"Let insurers control autonomous cars?"
These seismic changes are the catalyst for the new ecosystems and partnerships that will dominate the future
At the intersection of reality, now a reversal occurs – individual empowerment amidst institutional disempowerment – the next generation of insurance companies (insurance-as-a-service, InsurTech, ethical autonomy, you name it) will naturally, inevitably and ultimately rise to the top of the pack. It is only sensible, therefore, to presume that the future of auto insurance in a world where the metadata becomes statistically significant as it intersects with the data of connected vehicles is as transformative as it is fascinating.
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