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European Motor Insurance Study

The rise of digitally-enabled motor insurance

Connected devices are becoming a prominent part of our daily lives, and many businesses are trying to figure out how they can exploit this trend to create a deeper relationship with their customers. Motor insurers are not immune to the changes that are happening, especially as they operate in an increasingly competitive market. Our European study explores how insurers could develop a new type of relationship and product offering with their policyholders, through digitally-enabled insurance products.

Foreword

We are pleased to present you with the second edition of our European Motor Insurance Study. In last year’s edition, we explained how technology was disrupting modes of distribution, predicting that it would ultimately increase the churn rate for insurers. In this edition we explore how new types of digitally-enabled insurance services could provide a way for insurers to escape from an increasingly commoditized market.

Telematics products have flourished in some countries and have achieved disappointing results in others. Despite being digitally-enabled, these products currently focus on risk measurement and price discount rewards.

In this European study, we explore how insurers could develop a new type of relationship and product offering with their policyholders, through digitally-enabled insurance products. Our findings indicate that customers are ready for a new insurance offering, where insurers would be more than just a risk carrier.

Our conclusion is that insurers who follow this path could emerge as winners in a redistribution of the market for motor policies. We hope that the ideas and data we have set out in this study will be thoughtprovoking and useful. Our teams welcome the opportunity to discuss these market trends and possible solutions with you in more depth. Thank you for your interest.

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More information on the European Motor study

Want to know more on our analyzed customer preferences, willingness to share data, device preferences, market potential and how insurers could serve different client segments? Please contact Frank Bovee via FBovee@deloitte.nl or (+31)088 288 7888

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