Prepared for John P. | Delivered May 20, 2020
Trends in Online Car Insurance
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To identify the latest trends in the online car insurance market.
Usage-based Insurance (UBI) and the Growing Use of Telematics.
Usage-based insurance is also known as pay-per-mile, pay-as-you-go, or
type insurance. It is a type of car insurance that enables the insurer to track the user's
to assess the risk and calculate the premium rate.
that merges telecommunication and IT. The telematics technology is either pre-installed in a car or is plugged-in through a mobile application. Telematics provides the insurer with several data points like the user's driving behavior, the car's condition, and its mileage, which helps the insurers to create the user's insurance profile.
As per data received from the
National Association of Insurance Commissioners (NAIC)
of all car insurers in the US will offer UBI within 2025.
Growing Popularity of Chatbot Technology
became popular in 2017-18, several car insurance companies have used this technology around the world to leverage their car insurance sales.
, car insurance companies can explain complex insurance products and terminologies to their customers, enable brand engagement, and increases their sales.
this paywalled report
by Credence Research Inc, chatbots are expected to take the technology world by storm within 2026.
Major US-based car insurance companies like
are already using chatbots to leverage their online car insurance sales to their customers.