The future of Mobility – are insurers and businesses ready for it?
Lately, we can see a demographic shift in Mobility for consumers moving away from personally-owned vehicles to shared ones, creating fundamental changes in the insurance industry. From another side, rapid evolution and increasing trend of usage of Mobility services generate new potential insurance risks, this way pushing and challenging insurers in changing their approach to mobility insurance products and services. To cope with the latest twists and fast-pacing changes in the mobility value chain, should insurers and businesses partner up with Insurtechs to be ready for the future of Mobility? Find out more in this article!
The evolution from vehicle ownership to Mobility as a service
Today, the manufacturers are continually developing and innovating new solutions, providing more products than ever before. But the question is whether there is a demand from the consumer’s side? According to the statistics, consumers started to opt-in for more convenient and cost-effective mobility options, shifting to driverless vehicles and shared mobility and micro-mobility platforms.
Compared to 2017-2018, the number on rides of e-scooters and traditional bike-share systems in the USA has nearly doubled. Not surprisingly, it is estimated that by 2030 the e-scooter market will be worth roughly USD 41.98 billion.
To conclude, it is only the beginning of a vast evolution of a mobility system, increasing demand for electric and autonomous vehicles, and changing the consumers’ behavior while being digitally connected to the technologies.
Solutions for the fast-pacing mobility value chain
As previously mentioned, in the face of such fundamental changes, new business models from the insurers’ side will be needed, this way creating a wave of InsurTech driven innovation. The development and demand for Autonomous Vehicles (AV) and Mobility as a Service will only increase, this way shifting emphasis from providing individuals with cover to providing insurance for fleet owners and AV manufacturers.
To support this argument, Lime, the global leader in micro-mobility solutions together with Allianz, has partnered up with the shared aim of improving the safety of micro-mobility.
To be more specific, Lime and Allianz have launched a comprehensive insurance program that automatically provides personal accident insurance and Liability Insurance at no extra costs. As a result, the solution will help platform users worry less while using services, while being confident that they are protected, and enjoy the ride!
Final thoughts on the future of mobility
Today, Mobility and micro-mobility services have become a fast-rising trend, compelling traditional insurance carriers to consider new business models and partner up with insurtechs to cope with the latest twists and trends in the fast-pacing mobility value chain.
Yes, innovative solutions and changes might create some challenges for all parties involved but from another side, also new opportunities – developing new business models and emerging a positive transformation and readiness for the future of Mobility.
Did you know?
bsurance is listed in the Oxbow Partners InsurTech Impact 25 2020 which annually lists 25 emerging technology-led businesses that are well placed to have an impact on the insurance industry. Find the report here.