Currently the auto-insurance industry is moving towards usage-based-insurance - which basically measures exactly how you drive your car and estimates your premiums based on that. It have shown to reduce prices by around 15%(and maybe there's more potential because it's new).
There are now enough insurance providers that support that model.And a large fractions of consumers does show interest, but they still have some potential issues preventing usage: fear that it might increase premiums, no way to compare this to regular insurance, and the need to install something to get all the data(preferably before you sign to insurance).
Google compare,coupled with all the data google potentially already have from our phones, can solve all those - and could even be more accurate using more data.
And long term, whoever controls this data controls the insurance market - because if you already buy from google compare - why would you ever install apps or but telematics hardware that collect driving data from someone else ?
Comments
Currently the auto-insurance industry is moving towards usage-based-insurance - which basically measures exactly how you drive your car and estimates your premiums based on that. It have shown to reduce prices by around 15%(and maybe there's more potential because it's new).
There are now enough insurance providers that support that model.And a large fractions of consumers does show interest, but they still have some potential issues preventing usage: fear that it might increase premiums, no way to compare this to regular insurance, and the need to install something to get all the data(preferably before you sign to insurance).
Google compare,coupled with all the data google potentially already have from our phones, can solve all those - and could even be more accurate using more data.
And long term, whoever controls this data controls the insurance market - because if you already buy from google compare - why would you ever install apps or but telematics hardware that collect driving data from someone else ?
So i think Google will be aggressive about that.