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The Future of Motor Insurance: Embracing Change for Tomorrow

Explore the evolving landscape of motor insurance, trends, and challenges ahead, plus insights on autonomous cars, ownership shifts, and industry responses. Discover the strategies to adapt and thrive in the future market.

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The Future of Motor Insurance: Embracing Change for Tomorrow

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  1. The Future of Motor InsuranceGus ParkMD, Motor InsuranceDirect Line Group Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016)

  2. Disclaimer Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016) The views expressed in this presentation are those of the authors, Gus Park, of the paper and not necessarily of the Staple Inn Actuarial Society or Direct Line Group

  3. Questions for the audience • 1. • How big will the UK motor insurance market be in 2040? (% change in £bn premium) Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016) 3

  4. What others think… Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016)

  5. Questions for the audience • 2. • Will there be more or fewer cars • on the road in 2040? Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016) 5

  6. What others think…when they’re being optimistic Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016)

  7. What others think… Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016)

  8. Questions for the audience • 3. • What % of people will own their own car? Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016) 8

  9. What others think… Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016)

  10. Questions for the audience • 5. • How much safer do autonomous cars have to be in order to be trusted? Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016) 10

  11. Questions for the audience • 6. • If you could travel to work in a robotaxi, would you? Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016) 11

  12. Questions for the audience • 7. • Will we end up in product liability market? Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016) 12

  13. How should an incumbent car insurer respond? • Embrace change and disrupt own market • Pluralistic • Collaborative • Look forward, not backwards • Use brand and distribution • Rethink traditional product structures Source; Motor Insurance 2.0 (Morgan Stanley and BCG - September 29, 2016) 13

  14. Thank you – Questions?

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