Digitally-enabled car insurance policies in Europe could be worth €15bn ($16bn) by 2020, suggests research from consultancy Deloitte. The report says that the number of cars on Europe's roads is expected to grow at a faster rate than any other region over the next decade, with more people driving and fewer being able to afford insurance. As demand for digital car insurance grows, insurers have more opportunities to offer digitally-enabled services such as automatic emergency assistance or theft recovery to gain the edge on their competitors, says James Rakow, insurance partner at Deloitte.
Digitally-enabled car insurance policies in Europe could be worth €15bn ($16bn) by 2020, suggests research from consultancy Deloitte. The research also reveals 50% of car insurance customers would share their driving data in return for additional services, while 20% more customers are willing to switch their insurance policy compared to last year. As demand for digital car insurance grows, insurers have more opportunities to offer digitally-enabled services such as automatic emergency assistance or theft recovery to gain the edge on their competitors, says James Rakow, insurance partner at Deloitte.