British auto insurers are facing disruptions of mobile and phone companies ~ insurance,health insurance,Motorcycle insurance,Home Insurance,Animal insurance,Other insurance

Auto insurance can be the edge of a raid of mobile phone companies and technology.

The O2 Telefonica SA unit – one of the first mobile phone
operators in the UK to offer auto insurance – has expanded its product
line to include in February telematics boxes that track people’s driving
habits and reduce The premiums for young people. This
is fueling speculation that a wave of FinTech companies will grow in
the market and alter the way they interact with insurance customers.
Cell
phone companies or Internet telephony could, for example, use the
enormous amount of data that cling to their customers to sell their auto
insurance, without going through traditional intermediaries and price
comparison sites. Google
Inc.’s entry into the price comparisons of the alphabet last year
failed, but analysts say the Internet giant could come back and take
another chance.
“Without
a doubt, Google is going to find a way back,” said Christopher Ling, a
regional leader in Capgemini SA for the practice of UK insurance and
Europe in London. “For
O2, this is tempered a toe in the water at this time. Other ideas could
be the use of mobile data for the home and the health monitoring and
assurance associated with it.

Google did not respond to requests for comments.

The
insurance industry has long feared the entry of companies like Google,
Amazon.com Inc. and Facebook Inc. to have a closer relationship with
customers – and especially better data on them. The
potential market disruption adds to the pressure on suppliers and to
see their investments hurt by historically low interest rates.
Insurers are responding to the challenge. Allianz
SE CEO Oliver Baete is committed to making Europe’s largest ‘digital
default’ insurer to help increase productivity and customer loyalty.
Thomas Buberl, CEO of AXA SA, told investors the Last
year that “customers are now used to buy Amazon products to interact
with Google and Facebook, they ask us the same thing and, as you can”
imagine buying an AXA insurance policy is not exactly the same as buying
A book on Amazon. “
O2 jumped to “what is undoubtedly a very competitive market,” said Mark Evans, general manager of UK’s Telefonica unit. She
plans to use the technology “to identify the behavior of drivers and
therefore encourage very attractive packages for those who handle
responsibly.” Telefónica also offers auto insurance in Spain and offers products in Ukraine since 2015.