Monday, May 30, 2011

The electric vehicle, a challenge for insurance Part.III

For insurers, do not tackle this is now a danger of losing market share to competitors precursor material, but also pay much more in the next few years data electric vehicles needed for underwriting. More broadly, the development of electric vehicles will certainly be accompanied by the emergence of new actors in the value chain (owner of batteries) or enlargement of certain activities (automakers also becoming renters). It is these players those could come the most dangerous competition for insurance companies today. In the manner of low-cost insurers, manufacturers could build their own insurance from scratch to ensure their own fleet. If later this distribution were to grow as vehicle fuel as some predict, it is a huge market share that could lose the insurance.

In this context, insurers must now embark on the establishment of dedicated charging electric vehicles. For this first step will probably be training teams to the problems of electric vehicles: the training of actuaries to identify and define the market pricing but also training of subcontractors, experts such as repairmen, to anticipate the impacts of electric vehicles on the treatment of claims, etc.. The second step is then to obtain a large volume of detailed data on these vehicles, a prerequisite for appropriate pricing so competitive in the long term. To do this, insurers will necessarily be closer to only stakeholders that have these data: manufacturers and fleet managers. Whether at the staff level or pricing, the better the knowledge of the vehicle and its electrical characteristics and the larger the market share captured.


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