(2/7) Imagine a car company launching an insurance policy with inherent advantages.
This company could collect data about the customer continuously, and use AI to analyze that data, charging you a premium that exactly justifies the risk, saving you money every month.
This company could collect data about the customer continuously, and use AI to analyze that data, charging you a premium that exactly justifies the risk, saving you money every month.
(3/7) This is exactly what Tesla & many other new-age car companies are offering, and it threatens to change the auto industry forever.
(4/7) The thing is traditional insurance companies rely on risk pooling to charge their customers. Low-risk customers offset the high-risk ones.
(5/7) But a company like Tesla has an advantage that these insurers don’t – data.
Tesla can track your driving behavior in real-time and use it to build up a risk profile unimaginable to insurance firms years ago. It’s the same advantage that Amazon had on brick-&-mortar stores
Tesla can track your driving behavior in real-time and use it to build up a risk profile unimaginable to insurance firms years ago. It’s the same advantage that Amazon had on brick-&-mortar stores
(6/7) What started as a pilot in California, is now being expanded to 3 more states in the US but internationally, Tesla insurance has already started operations in China, and they have obtained a license in Germany.
(7/7) In the eternal words of Elon Musk,
“Obviously, somebody does not have to choose our insurance. But I think a lot of people will. It’s going to cost less and be better.”
Follow @joinditto for more.
“Obviously, somebody does not have to choose our insurance. But I think a lot of people will. It’s going to cost less and be better.”
Follow @joinditto for more.
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