From the Model T to Tesla?s autopilot-enabled vehicle, the automotive industry has come a long way – and it?s not slowing down. With potential for new technology and functionality growing daily, automakers are paving the way for the future of transportation . . . and insurance. Let?s take a look at how the auto industry has transformed insurance over the years, and what?s to come.
GPS Systems
Been awhile since you last pulled your trusty Rand McNally atlas from the glove box to help guide your journey" Those days probably seem like another lifetime. How we receive directions has changed dramatically since then. Today, there are 24 U.S.-based GPS satellites orbiting the globe, each providing guidance to drivers everywhere with just the push of a button. While the availability of GPS has simplified how we get from point A to point B, it has also created an added benefit for insurers by providing a valuable cache of driver data. Thanks to this information, providers will soon be able to adapt policies based on driver habits, creating personalized plans that fit the needs of each individual.

Telematics
Data gleaned from GPS technology is just one part of the picture. A fairly fresh idea, auto telematics provide opportunities to do even more with driver data, extending into everything from speedometer tracking to mileage logs. However, according to a recent Deloitte report, 74 percent of consumers are not too keen on sharing that data. But given the potential benefit...