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How will New Vehicle Tech affect Auto Insurance Rates?

The insurance industry is one of these sectors that are affected by advanced technology due to enhanced transparency as well as customer satisfaction.

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New Vehicle Tech affect Auto Insurance Rates

Nowadays, technology is rapidly progressing at an unstoppable rate, affecting many previously dependent industries on a large number of human resources. The insurance industry is one of these sectors that are affected by advanced technology due to enhanced transparency and customer satisfaction.

This impact can be felt with online shopping, easy comparison, easy claims processing, autonomous features in vehicles, etc.

Continuous technological progress is enabling insurers to design their products smartly, offer services seamlessly and efficiently. This is proving beneficial for both the insurers and the insured. Here’s how:

1. Internet of Things: Telematics Driving

Insurance plans based on telematics work via apps that track the driving behaviour of the insured, such as speeding, mileage, hard braking and acceleration.

This app can be a vital tool for the insurance carriers to track risk so that the underwriting team can get the best premiums based on their driving practice.

New Vehicle Tech affect Auto Insurance Rates

Telematics technology enables roadside assistance request for drivers and gives them the incentive for safe driving, resulting in fewer accidents and dropping the risk of expensive medical bills.

The downside is that telematics will track everything a driver does. Not everyone wants this invasion of personal privacy.

2. You may see usage-based insurance plans

Are you surprised with the usage-based insurance plan? No need to worry is just an extension of the Internet of Things we’ve mentioned in the above point. As we all know, IoT provides digital profiles, and it helps insurers to observe the driving behaviour of customers and then create an insurance plan accordingly. Therefore the better you drive, the better you’re priced for an auto insurance policy! So be mindful about your driving to achieve the best price.

Autonomous features

Presently, many new cars have advanced autonomous features, such as radar to sense the speed of the vehicle next to you, automatic and manual parking assistance, navigation, alarms for a driver in sleepy condition, etc. These autonomous features reduce crash risk. Due to this, many insurance companies respond with a cheaper premium.

Some new policies cut prices based on accident-reducing potential of driverless features like parking assist and ABS.

Dashboard cameras

Dashboard cameras, also known as dashcams, are fixed on the car’s dashboard or windscreen to record the car’s journey.  The use of dash cameras is increasing due to availability and reasonable pricing.

Vehicle Tech affect

The use of a dashboard camera makes the claims processing task very easy & fraud-free by determining the cause of an accident. They also help in insurance claims processing by clarifying that the accident was not the driver’s fault.

Extra security

Adding advanced security to your vehicle can help minimize your insurance premiums. By introducing additional security highlights like a security alarm, tracking system, etc., the insurers consider such people at lower risk of claims.

These advanced security systems also make it simple to recover vehicles if it is lost or stolen. These safety efforts convince insurers that the vehicle is secured and offers less expensive premiums.

Insurance claims

Insurance claims are addressed faster due to the rapid innovation of new technology — some new technologies like drones, the blockchain, and telematics helps to reduce claims fraud.

Automation in claim processing will help collect the claims information and other supporting documents, map relevant information against the policy coverage database, etc., which makes the validation process more efficient & easy.

3. Vehicle sharing will soon become a common trend

In this modern world, vehicle sharing is becoming extremely popular, and no doubt it will impact car insurance. All you could do is Rent a car in Dubai to a stranger for a fixed amount! If drivers choose this path, then insurance carriers either consider insuring the driver or the sharing company in leased vehicles. In this continuously changing market, anything can happen.

7 Latest Tech Automobile Advancements

Additional Tip: Subaru Driver-Assist and In-Vehicle Technology

Technology is becoming so advanced that it is actually protecting the lives of people from road mishaps. Recently, the Subaru Drive-Assist and In-Vehicle technology have been rated as one of the safest vehicle makers globally by the National Highway Traffic Safety Administration and the Insurance Institute for Highway Safety.

In 2019, they introduced a new feature called Eyesight Driver Assist Technology, helping people avoid road accidents using features like pre-collision braking, lane departure warnings, adaptive cruise control sway warnings and pre-collision throttle management. According to the Highway Loss Data Institute, these features have already reduced pedestrian-related accidents by up to 41%.

Takeaways

Technology has entered every business field, so insurers mustn’t stand still to take a suitable business approach to deal with current business trends. The insurance industry looking forward to competing in this advanced business era should invest in such digital prowess. It will enable them to enhance customer interaction, provide fast & accurate services, and boost business opportunities & profit.

Helpful Resources:

1. Impact of Artificial Intelligence (AI) on Software Development Industry

2. Do Human Translators Have a Reason to Be Afraid of Advancing Technologies

3. Artificial Intelligence And Its Demands To The Programmers

4. Artificial intelligence (AI): Friend or Foe to Future Designers?

5. E-commerce Chatbots: 13 Ways to Increase Sales, Conversions & Retention

6. Top 10 Artificial Intelligence (AI) App Development Trends

 

Cathrine Troyer is a Content Strategist and Business Tech Writer working at Cogneesol. She has consistently contributed toward the company website and many other leading websites in the form of blogs, infographics, PPTs, and more. She holds expertise in writing for the legal and insurance bpo.

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Artificial Intelligence (AI)

Construction Project Management & Other Construction Trends to Look Out For in 2021

As the construction industry is getting more competitive, you have to look out for the following construction industry trends that will prevail in 2021 and beyond.

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7 Solid Tips to Strengthen Your Online Business Brand

After a turbulent year of adjusting to the pandemic’s changes and the changing online landscape, many businesses, including the construction business industry, are thriving to re-emerge and grow in 2021.

With the increased labour shortage and construction expenses, the construction industry is forced to integrate innovative tech solutions to stand out in the competitive industry niche and reduce the potential risks of error and construction-material waste. While more construction businesses are integrating construction project management software in their business model, they are also focusing on other aspects to improve their projects and meet the expectations of their clients.

With the latest tech-related adjustments, innovative technology trends continuously affect construction sites, improve construction projects, and boost sales and revenue. Certain construction trends are working at the core of construction businesses and frontline construction workers.

As the construction industry is getting more competitive, you have to look out for the following construction industry trends that will prevail in 2021 and beyond. Read on to learn more!

1. Safety Equipment

Safety comes first, particularly when it comes to dangerous occupations, such as working at construction sites. With innovative software and machinery, construction sites improve their safety measurements as the machinery can now detect safety issues before accidents can occur.

A strong internet connection and Wi-Fi are being made available that covers all areas of the construction site, which assists with the quick and immediate reporting of accidents if a worker falls or gets injured. Innovative machinery that is integrated with AI (artificial intelligence) has made its way to construction sites.

How To Recruit The Right People For Your Company

This machinery helps with the transportation and moving of hazardous materials., in addition, you are also more likely to expect AI (artificial intelligence) working at the core of the construction sites that also lay bricks and assist with construction.

When it comes to safety equipment, you will find headsets as an essential element on construction sites. The headsets keep the workers protected from noise pollution, which is common to see on construction sites. While watching workers from noise, the headsets also help the workers stay in tune with their work surroundings.

It is necessary to note here that contrary to the myth that AI (artificial intelligence) in the form of robots will soon be replacing humans, it is the opposite case with construction. The robots that you will find on the construction sites won’t be there to replace humans. On the contrary, the use of AI on construction is only to benefit the workers, reduce their loads, and keep them safe. That said, AI and robots are making room for higher-level jobs and new talent.

2. Efficient Use of Technology

As we mentioned before, we are moving into a different era dominated by technology. The biggest differences that you will find in today’s construction projects and the previous construction projects are the use of technology and how it is integrated into construction sites. Besides the use of construction project management software, you will also find the inclusion of smart contracts. In other words, the pandemic has shifted construction projects to technology construction.

The pandemic has performed an essential role in causing increased reliance on technology. The construction project management software, for instance, helps in keeping all employees on the same page as the milestones are marked. It also allows managers to manage all steps of the construction project remotely and effortlessly.

You can also expect drones to fly on construction sites. One essential benefit of construction drones is that they can cover areas that can effectively report and analyze the construction sites.

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