For the automotive industry in India, things have changed over the past three decades – until now. New driver assistance technologies and connected services are heading in a whole new world of motoring. The driver hands over ever-greater responsibility for his or her driving decisions to the vehicle. On the road today in India - there are already cars with advanced driver assistance systems (ADAS) such as lane-keeping assist or emergency braking that are edging us closer to an autonomous future. Our relationship with the car is changing. Car ownership is on the decline, particularly among urban and other city dwellers, as people factor in the perceived high cost of car ownership as well as alternatives such as ride-hailing and car-sharing. Seemingly, the car is becoming but one node in a broader network of available transport options.
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Future of Car Insurance in India:
Luckily for Indian motor insurers, the prospect of driver-less cars is some time away and market growth is not a primary concern. Yet, technology advancements, the increasingly connected world, and the ability to collect and process data is transforming the Indian motor insurance industry. Customer experience is about to improve drastically across sales, service, renewals. Technology is creating a buzz in the Car Insurance and Motor Insurance sector with its interesting concepts of connecting people with products and services. The latest offerings of technology. Digital systems are uniquely combining the physical groundwork of the insurance sector with its overall efficiency and transparency. There are some major transformations of technology, out of which, artificial intelligence(AI), machine learning, block-chain, and IoT(Internet of Things) are significantly accelerating the growth of the insurance sector with a significant impact on the auto insurance segment.
Role of Technology in Insurance Sector in India:
Apart from AI, there comes the role of Big Data, which is important in recording the driving habits of the customer and sharing with the car insurer. If a driver drives safe, then this recorded data can benefit the policyholder with alluring offers and discounts. All this monitoring is done with the aid of telematics technology, which records real-time data pertaining to distance covered, braking patterns, speeding history, time of the driving, and many more. The Data is more comprehensive and realistic pertaining to analyze the risk profile of the driver. It not only determines the driver’s safety profile, fleet management but also allows car insurer to accurately frame the insurance policy including its pricing model for that customer. Know more about Why Is Vehicle Tracking System Increasingly Used By Wide Range of Industries?
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