Insurance POST Disruption from Automotive OEMs ‘Wildly Interesting User Guide
- June 3, 2024
- Insurance POST
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Insurance POST Disruption from Automotive OEMs ‘Wildly Interesting
Automotive OEM’s getting into insurance space is the “best example” of disruption because it “trials all the way through insurance lifecycle,” said John Mullen, president and chief revenue officer at Guidewire.
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Speaking at Guidewire’s Connections conference in Las Vegas, Mullen said a number of its clients entered the insurance space with a “great intention to disrupt”. He said: “Insofar as it is about data collection disruption, prediction and retention and placement of the product upon loss or upgrade, and really trying to look at driving upgrade events in the automotive industry. It’s also about recognizing that it’s a touch point, and that “it is now much more based on the exchange of data and experience than it is just about a bill or a claim for renewal.” He pointed out: “It’s a very real disruption. “We talk about all the dollars for an insurtech but consumerisation is a very real disruption. The nature of risk is wildly interesting to me, which is the amount of sensor data out there and how that’s driving commercial risk assessment, how that’s driving wildfire risk assessment, how’s that driving the ability to understand again price and risk but also prevent risk of that soft marketplace because the one thing that’s more valuable than anything else in the insurance chain is the elimination of the risk from that chain.” He added that this and “many other things” are driving “three major points of disruption” which are “what’s the nature of the risk, how do they distribute to that risk, and what other elements are available to run an insurance company more efficiently”. Mullen highlighted that with the announcement of Amazon’s Insurance Store launching in the UK “everyone’s going to pay attention, and they going to overpay attention”. He said: “The UK is already and aggregator market, and that’s an aggregator disruption. We could look at it and say it’s just another aggregator or we could look at it to say its potentially en-route to be a disruption in the marketplace. Both have potential and it is something we should pay attention to, certainly as we pay attention to every other disruption that’s out there.”
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References
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- Amazon partners with three insurers to launch home and contents ‘Insurance Store’ - Insurance Post
- Not moving to the cloud ‘slightly illogical’, Guidewire conference hears - Insurance Post
- Disruption from automotive OEM’s ‘wildly interesting’: Guidewire’s Mullen - Insurance Post
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