Insurtech Front Page Weekly CXO Briefing – Cars and Auto Insurance

1.10 connected cars

The Theme last week was a preview for InsurTech in 2019.

The Theme this week, is about cars and auto insurance. The auto industry is in the process of revolution with the emergence of connected cars and sharing economy. Sometime it concerns insurance, sometime it doesn’t. But I think insurers should always pay attention.

For more about the Front Page Weekly CXO Briefing, please click here.

Incumbents embracing InsurTech is a common theme in our posts. This time, it’s about customer engagement.

Story 1: Data Derived From Connected Cars Raise Concerns

Extract, read more on Claims Journal:

“Automakers are collecting valuable pieces of information thanks to the internet connections, cameras and sensors built into most vehicles in recent years. The online access makes it possible for cars to be unlocked remotely if the keys are lost. It’s how safety features can be upgraded wirelessly and maintenance schedules adjusted based on performance.”

The article mentioned that government in China has been collecting data from connected car. There have been reports in Chinese media as well, but it did not cause much stir. I have to say in China, people are blunt for privacy, sometimes they are even willing to trade privacy for conveniency.

Story 2: Insurers see value in digital vintage car-sharing

Extract, read more on Digital Insurance:

“Vintage cars are alluring. They represent the simplicity, or craftsmanship, or louche sleaziness of a bygone era. They are also—and I say this as the proud owner of four old vehicles—fussy, dangerous, and excruciatingly unreliable. Not everyone enjoys this kind of constant crapshoot in their daily drive.

Fortunately, a trio of “sharing economy” apps allow occasional access to well-maintained classics. DriveShare, Turo Inc., and Vinty Inc. all function like Airbnb, but each has a unique position. Owners list their vehicles, upload information and images, set a rental price, and provide guidelines on things such as mileage, security deposit, and delivery instructions.”

Out of three of them, DriveShare and Turo Inc. are both backed by national insurance company, Hagerty for DriveShare and Liberty Mutual for Turo. Vintage car sharing is a small market, but insurance can be vital for its healthy growth.

Story 3: Auto marketplace CarDekho grabs $110M to double down on insurance and financial services

Extract, read more on TechCrunch:

“CarDekho, an online marketplace for car sales in India, has pulled in a new $110 million Series C funding round from a clutch of existing investors to push deeper into financial services and insurance.

Sequoia India, Hillhouse and Alphabet’s CapitalG led the round, which also saw participation from Axis Bank, one of CarDekho’s financing partners.”

Service platform is a good place to nurture insurance habits. Since the platform can save the trouble of seeking potential customers, what insurer should do is to attract users with good policies.

Today’s post brought three different stories around cars and insurance. These intersections between insurance and another industry can breed a fair number of opportunities, and along with some problems as well.

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Zarc Gin is an analyst for Warp Speed Fintech, a Fintech, especially InsurTech-focused Venture Capital based in China.

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Insurtech Front Page Weekly CXO Briefing – P&C InsurTech trends


The Theme last week was agitation in the industry.

The Theme this week is P&C InsurTech trends. The P&C (Property & Casual) segment of Insurance, especially personal lines, are going through a profound change. Changes are made both by tech ventures and incumbents.

For more about the Front Page Weekly CXO Briefing, please click here.

For this week we bring you three stories illustrating the theme of P&C InsurTech trends.

Story 1: Emerging Technology in Personal Lines

Extract, read more on Insurance Thought Leadership:

“Five technologies have emerged as “power players” for personal lines insurers, based on insurer activity and the potential for transformation.

They are AI, Drones, IoT, New User Interaction and New Payment Technologies.”

We heard a lot about AI, IoT, a little about Drones. New User Interaction and New Payment Technologies, which are responsible for the communication of customers are relatively new.

Story 2: The Switzerland of Mobility

Extract, read more on Coverage:

“Transit, a Canadian startup that offers a mobile app to simplify urban mobility by combining modes of transportation, has raised $17.5m in a series B round from Accel, Alliance Ventures, Jaguar Land Rover’s InMotion Ventures, and Real Ventures, bringing the company’s total funding to date to $26.6m.”

Transit is working towards building a car-free future. Public transportation, ride hailing, bike sharing and scooter sharing are its weapons. Car insurance will be impacted if they succeed.

Story 3: Personal Home Maintenance Service Setter Raises Series A

Extract, read more on Coverage:

“Setter, a personal home maintenance service from Canada, has announced a $10m Series A round co-led by Sequoia Capital and NFX, with participation from Hustle Fund, to expand across North America. This brings the company’s total funding to date to $12m following a $2m seed round from Sequoia, Hustle Fund and Avichal Garg last year.”

With the help of home maintenance platforms like Setter, home insurers can know better about their customers’ homes. Potential improvements for pricing and claims.

Editors Note: interesting to see 2 out of 3 coming from Canada, America’s northern neighbour.

Property & Casualty insurance is shaped by the way people move and live. When they change, P&C will have to keep the pace and change together. Sooner better than later.

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Zarc Gin is an analyst for Warp Speed Fintech, a Fintech, especially InsurTech-focused Venture Capital based in China.

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