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Jun 7 2023

The automotive industry is running parallel races toward fully electrified and fully autonomous vehicles, and both races have a deceptively close finish line. EVs will become the norm within 10 years due to a combination of government legislation and manufacturer mandates – Progressive estimates that EVs could comprise 40% of car sales by 2030. Vehicle autonomy, meanwhile, remains a top priority for OEMs as well, with the market projected to reach $200 billion by the end of the decade. Mercedes-Benz is already certified for Level 3 autonomy, a standard that encompasses conditional hands-free driving, suggesting that Level 5 (totally automated driving) is a feasible goal for automakers more quickly than initially anticipated.

The technology involved in developing electrified, autonomous vehicles will not be universal; each feature package will have its own unique benefits, drawbacks, and relationship to road conditions and driver capabilities. Consequently, auto insurers cannot treat “ADAS” or “EV” as monolithic or even loosely segmented variables in their risk analysis; all levels of the organization must have a comprehensive understanding of their car’s technology stack to maintain a balanced risk-to-rate ratio. 

DataOne Software has released a new whitepaper, How Optimizing Vehicle Data Curation Can Help Solve Loss Ratio Challenges, that uses emerging ADAS technology as a case study of why insurers benefit from the ability to parse and standardize OEM build data as vehicle technology rapidly expands and evolves.

The whitepaper breaks down: 

  • The reasons vehicle technology insight is the best chance to stem industry-wide loss ratio challenges.
  • The different types of ADAS sensors and their subsequent impact on vehicles’ interaction with objects on the road, weather patterns, and repair estimates.
  • The industry-supported rationale for curated data, to accurately assess potential claim severity.

You can access the whitepaper, featuring additional resources from leading organizations across the auto insurance industry, by clicking the enclosed link or the below button. If you are interested in learning more about how DataOne’s toolsets enable auto insurers to make timely, informed risk evaluation decisions, you can reach out to one of our data experts.

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