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.
Source: auto insurance
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