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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, and 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 behavior of the insured, such as speeding, mileage, hard braking, and acceleration.

This app can be a vital tool for 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 requests 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 by 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 behavior 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 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 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 the 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)

WORM-Compliant Storage: Exploring Write Once Read Many (WORM) Functionality

This is sometimes referred to as write once, read many, or WORM, compatible storage. With a name like that, it’s hardly surprising that many need help understanding it.

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How does WORM storage work

Organizations generate an immense quantity of data, yet sometimes they need or want to preserve it in an unalterable format.

For legal reasons, a non-profit organization may desire to keep its financial information in this format regularly. An institution may desire to save graduation records in this manner in case the actual records are lost in an accident. Businesses may desire unalterable records to avoid tampering, which might cover up fraud.

This is sometimes referred to as write once, read many, or WORM, compatible storage. With a name like that, it’s hardly surprising that many need help understanding it.

We’re here to help you get a grasp on things. Let’s go!

1. What Exactly Is Write Once, Read Many?

The simplest explanation is that it is immutable storage. You may write data to the storage device or medium just once. Following that, no one may legally alter the data in any manner.

CD-R discs are a basic kind of WORM storage. You may add data to the blank disk, but it will remain in that state indefinitely. You may damage or destroy the disk to prevent someone from accessing it, but you cannot modify the data contained in it.

WORM storage allows for repeated reads of the data. Assuming the disk or drive isn’t destroyed, there’s no practical limit to how often you can access the data.

2. How does WORM storage work?

There are two options for implementing WORM storage in your business. The first technique is hardware, which uses tape or a similar form of media that permanently stores data, making physical destruction of the WORM storage device the sole way to delete it.

Nonetheless, with many solutions migrating to cloud and SaaS services, selecting particular hardware might be challenging. However, many of these service providers now provide software-defined WORM solutions, which combine the flexibility of software with the strictness, security, and indelibility of hardware-based WORM.

Whether you utilize software or hardware to achieve your compliance objectives, the idea is the same. When someone writes data to a WORM disk, it remains there eternally. The assumption that you cannot alter the data on a WORM drive only refers to anything that has already been saved there; the ability to add new data is always available as long as there is adequate storage space on the drive.

Do you need WORM-compliant storage

3. Do you need WORM-compliant storage?

Unless your company works in the securities or healthcare industries, which are subject to SEC or HIPAA laws, there is likely no legal need to adopt write-once, read-many (WORM) compliant storage solutions. However, legal requirements are only one motivator for using WORM storage systems.

WORM compliant storage provides a key role in addition to regulatory compliance. For example, if you want to keep a safe archive of historically important documents, WORM storage is a wise solution. This guarantees that once data is written, it cannot be changed or erased, protecting the integrity and validity of critical documents over time.

Furthermore, in situations where internal workers may tamper with corporate documents, WORM storage adds an extra degree of protection. Creating immutable copies of papers makes it easy to check the correctness and validity of records, reducing worries about possible manipulation.

Likewise, WORM storage may serve as a protection for proof of trade secrets or intellectual property, providing a snapshot of data at a given point in time and preserving valuable assets from illegal changes or access. In conclusion, although WORM-compliant storage is not legally required for all enterprises, it provides essential advantages for data integrity, security, and crucial information preservation.

4. What are the primary advantages of WORM storage?

WORM technology protects businesses against many of the usual difficulties associated with data corruption and loss. The primary advantages of deploying WORM storage include:

Compliance With Industry Regulations

Using WORM storage helps firms comply with recordkeeping rules and laws. More than simply archiving data is required. Businesses must store their data in the right, unalterable format to comply with regulatory requirements and avoid significant fines and penalties.

Risk Mitigation for Poorly Archived Data

Companies must have a robust procedure for archiving all data. If information is needed as part of an audit or lawsuit and the required data is lost or damaged, difficulties (and penalties) will arise.

Better Information Security

WORM Storage secures precious and sensitive data and, more critically, prevents it from being doctored or changed. It guards against occurrences such as data being accidentally or purposefully manipulated.

Better Data Governance

WORM storage contributes to the present business-wide practice of rigorous and well-planned data governance. It also enables you to better adhere to the Electronic Discovery Reference paradigm (EDRM), a paradigm that describes the steps of the eDiscovery process throughout an inquiry.

5. Use Cases of WORM Storage

Professional content distribution includes financial records, police investigations, court testimony, computerized voting, and other applications in which data files must be safeguarded against manipulation or deletion, particularly when material is accessed, relocated, or transferred. Organizations transfer all data given over to the data investigation business onto WORM disks, ensuring that nothing changes beyond that point.

Transferring a read-only file across a network using encryption and passwords does not ensure that the file is original or untouched. Furthermore, it is usually preferable to enforce something in hardware rather than software since when the program is not operating, the data may be tampered with.

  • Corporate records
  • Financial and Insurance
  • Intelligence collection
  • Law enforcement
  • Electronic Voting
  • Court Proceedings
  • Medical Records and Devices
  • Public Records
  • Artificial Intelligence
  • Cyber-attack protection
  • IT security and log files

Conclusion

Write once read many compliant storage enables enterprises to safeguard information in a method that no one can tamper with. This may occur with something as basic as a CD-R or with software-based cloud storage.

The size of the data typically influences the medium used. You can keep a few papers on physical media without issue. Petabytes of data need a strong in-house storage ecosystem or a cloud storage provider.

If you decide to use a cloud storage provider, be sure to inquire about the retention term choices and redundancies.

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