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Monthly Archives: December 2019

Driver assist technology: is it really just another distraction?

Vehicle assist technology may actually be contributing to distracted driving but it may just be a short-term trend. Desjardins insurance conducted a national survey and found that 63% of respondents feel that vehicle safety technology can contribute to distracted driving and over 80% of respondents believe that more education is needed on how to use new safety features.

The potential for increased collisions as a result of vehicle assist technology will directly impact insurance providers. Since new safety features like the rear-view camera are no longer reserved for high-end vehicles, safety technologies are linked to increasing claims costs and car repair costs for insurance companies.

Desjardins claims that with improved driver assist technology in cars, people are having too much confidence in safety features and becoming less aware of their surroundings. According to the Vice President of claims at Desjardins, it is difficult to evaluate the exact number of collisions due to vehicle assist technology but insurance providers should be aware of this concern.

Source: https://www.canadianunderwriter.ca/technology/driver-assist-technology-is-it-really-just-another-distraction-1004171541/

How a lack of communication with other sectors is hurting insurance

When change hits other industries, property and casualty insurance leaders need to be included in the process to consider the impact such changes would have on insurance and to prepare for new trends to emerge. The lack of communication between sectors has remained a challenge for insurance companies, as it reduces the ability for insurers to plan and prepare for upcoming trends and the ripple effects they may have.

A prime example of this issue is how the lack of communication between car manufacturers and insurance companies has been hurting automobile insurance providers. The constant development of new electronic features in cars has increased the costs associated with fixing vehicle damages for insurance companies. For this reason, insurers would have benefited from the opportunity to plan and prepare for the impact that new vehicle technology would have on them.

In an effort to fix this issue, senior insurance brokers are talking to senior executives in other industries to gain insight on future trends that may emerge and have an impact on the insurance industry.

Source: https://www.canadianunderwriter.ca/brokers/how-a-lack-of-communication-with-other-sectors-is-hurting-insurance-1004171424/