I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community.
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Besides automotive parts and equipment, auto industry is highly integrated with the insurance sector, wherein technology is adequately bridging the gap between automotive industry and insurance sector, thereby connecting consumers, products and service solutions. Technological innovations remain crucial in aligning the offerings of insurance sector, thus, rendering top-notch matrix, connecting dynamics, besides offering scalability and transparency.
However, despite a rather smooth upgrade in the automotive insurance sector, the recent outrage of COVID-19 is dampening the growth map. But, stalwarts in the industry such as AIG General Insurance is far from shying away from disruptions. Under prevailing circumstances, AIG has unleashed a novel GPS based device under the brand, Auto Safe which is integrated with a mobile app to gauge the total distance covered by a particular vehicle to introduce a novel concept of paying insurance premium as per one’s travel history, comprising speed and distance parameters.
Under prevailing conditions when social distancing and stay-at-home protocols are stringent, unnecessary travel is quite uncalled for. Therefore, AIG is hopeful to offer a customized insurance policy to align with user convenience.
The past decades have been crucial in offering adequate potency in gearing up sectors such as automotive industry. Additionally, as globalization inflated family income and increased job opportunities, automotive ownership evolved from a luxury to an ardent necessity. This decade is furthering the growth in automotive industry with the innovations in insurance sector. Ample innovation and technological breakthroughs to enable transparency and efficiency are poised to mimic optimistic growth in automotive industry, also enabling concomitant growth in technology driven insurance sector.
Some of the critical facets and advances in insurance sector encapsulate AI integration, followed by IoT development, machine learning advances and blockchain adoption. These ongoing developments are touted to offer a generous uptick to the already soaring business of auto insurance market.