The insurance industry is not prepared to seamlessly integrate with the future of transportation.
The Autonomous Vehicles Experience Pains & Gains
What regulations and policies need to be revisited in a fully autonomous world?
How can insurers adjust to new ownership models?
How can insurers price and adjudicate claims during the transition?
What do auto insurance products of the (near) future look like?
The final output of the project was a Portfolio Solution that included three different products.
DISCOVERY AND AWARENESS PORTAL
Carefreeroadstar.com is a referral fee based prot system to create an incentive framework for car manufactures, dealers and insurance companies to take part in the solution. This portal was created to address the safety concerns of customers by providing a manufacturer agnostic resource where customers can learn and experience what it's like to be in an autonomous vehicle.
ADAPTIVE RISK MODEL
This risk model takes into account the transition period or "messy middle" environment where customers have vehicles that have some autonomous features but are not fully autonomous.
TRANSPORTATION SHORT LEASING/UBI APPLICATION
This is for consumers who don't own a vehicle but require transportation. As autonomous vehicles are projected to be more appealing than taxis, this product is intended to be acting as a broker for autonomous transportation.
Platform evolves as autonomous capabilities evolve
One stop shopping for a variety of transportation options (per use, short lease, purchase)
Seamlessly connects the customer to the services he needs
Over 16 days, our project team looked to define the opportunities and implications that autonomous vehicles bring to the auto insurance industry.