While Vietnam is still struggling with the traditional issues in motor insurance as a bread and butter issue, the rest of the world is looking at the age of autonomous vehicles. There are public concerns of safety, but the momentum of driverless cars is a reality. Insurance is being turned on its head with whether the insurance is bought by owner, driver, car manufacturer or software supplier. Lifestyle in the sharing economy has made car ownership questionable too.
Will compulsory auto premiums continue? Will there be fewer accidents? Will telematics and analytics take over? Are the barbarians entering the field? Will motor insurers become extinct? Tesla has already announced that they would offer a single price car with maintenance and insurance. Expect other players such Google, GM, Uber and Lyft to follow suit, which eventually going to impacts insurers’ revenues. The recent Uber’s self-driving crash that killed a pedestrian has set the clock back a bit and raised so many valid questions about insurance and liability too.
In the meantime, how will traditional motor markets work? What are the interim solutions? Will emerging markets like Vietnam be able to leapfrog the learning curve and fast forward instantly? What are the third party liability issues today where Uber has made every car a potential commercial vehicle? Can insurers shift gear to charge insurance based on usage of car or only insure when using etc?
Hence, our 6th Asia Motor Insurance Conference will bring together key experts, old hands and newbies and the relevant technology players and apps to tackle these complex questions for a business that is ongoing and facing the greatest onslaught of changes. Can technology ensure that all parties are covered?