Vero Voice Blog
By Sacha Cowlrick
Executive Manager, Consumer Insurance
Right now, we’re on the cusp of a major shift in the way humans get about.
Even insurance companies are making the shift from talking about ‘car insurance’ to talking about ‘mobility ecosystems’, and planning for a future where our transport options and the way we purchase them will look very different.
But what sometimes goes unnoticed is that the vehicles we drive have already changed dramatically in the last 30 years, and the impact that is having on today’s car
The hidden shift in our cars
Right now insurers and consumers are sitting on the tipping point between the current and future states of mobility industry, and the changes of the last two decades have created a new dynamic that insurers need to respond to.
The rise of new technology has made us more comfortable in our cars, but it has also connected more parts of our vehicles to each other and made even minor damage more complicated and expensive to fix. Small scrapes and collisions can now mean re-calibrating sensors, re-connecting wires, re-tuning vehicle computers and re-fitting airbags.
Vehicle technology like reversing cameras and proximity alarms are designed to keep us safer, but they aren’t enough to combat the rising number of vehicles on New Zealand’s roads.
Our customers are also taking advantage of digital platforms that allow them to turn their vehicle into an income-generating asset, renting out either their car or their services as a driver.
The future of mobility - ACES
Vehicle manufacturers and software companies are in a race to produce the first, safest and most viable fully autonomous cars, while other businesses develop and advance vehicle battery technology, wireless induction charging, ride-sharing platforms and more.
Rising costs accelerating the future
For now, we continue to battle the rising costs of motor vehicle ownership. Our cars may be more comfortable, but the cost of fuel, taxes and the growing frequency and cost of car insurance claims are all adding to the expense of running a car.
Insurers like Vero are seeking ways to bridge the gap between insurance products that have hardly changed in a century, and the technological advances of today and the future.
We need to adapt our products, both to help control premiums, and to find new ways to protect a different style of vehicle ownership or participants in the sharing economy.
And more importantly, we need to have one eye on the coming future of the mobility industry.