Digitization brings with it an extremely high degree of interconnectivity. The sensors installed in vehicles and devices allow user-centered data to be collected better than ever before. A potential that can be particularly interesting for insurance companies, but which requires some dynamism and innovative strength.

Especially when it comes to self-propelled cars and electromobility, data will be the key to the success of the technologies. Elon Musk has therefore now taken the first steps towards introducing a separate insurance company for Tesla. Despite some start-up problems, Tesla has set its sights on a fully-fledged insurance product that uses the information collected from the vehicles to offer affordable and individual insurance.

 

“At the heart of being competitive with insurance is what is the accuracy of your information. Like are you dealing with – are you forced to assess people statistically looking in the rear-view mirror? Or can you assess people individually, looking ahead with smart projections, and inform the driver that – of how they may reduce their, what actions they can take to reduce their insurance. – Elon Musk

The mission of Elon Musk, says the CEO in a video call, is to develop an insurance company that is able to assign the data collected in the car to a driver profile and thus calculate accident probabilities and premiums.

Elon Musk’s efforts to revolutionize the insurance industry show how markets are growing together. In order to provide Tesla drivers with an optimal and complete experience, the company is entering entirely new markets and plans to revolutionize them with the help of digital tools.

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