More advanced vehicles are now tracking the useful life of a car's engine oil, wear on brake pads, and alerting drivers to hazards. The logical next step from an insurer's perspective is to tie that data to your insurance premium. (Syda Productions/Shutterstock.com)
The insurance community is in the midst of figuring out the future of distribution. Some say embedded insurance will be a key factor going forward, while others want to make insurance "more relevant" and get closer to the consumer, like McKinsey's report that discusses "re-establishing their vital role in customers' lives." Some are taking the approach of heavily investing in the prevention side through the use of Internet of Things (IoT) devices or telematics, but do consumers want to think about insurance more often?
Many consumers are used to alerts on their vehicles for things such as low tire pressure, check engine and the number of miles until empty. More advanced vehicles are now tracking the useful life of your engine oil, how much wear exists on your brake pads, as well as informing you (and possibly even slowing your vehicle down) to hazards it detects in front of the car.
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