AIn the car rental market, in the city the subway and the electric Stehroller – that's what it often looks like, the mobility world of today. More and more people do without their own car in the big cities. The insurance industry has to adjust to the trend away from property and asset protection towards securing individual mobility, says Axel Theis, who is responsible for the German business in the Allianz Group Executive Board, talking to F.A.Z. The customer travels from A to B using very different modes of transport: "We want to insure the entire ecosystem."
While Europe's largest insurance company is currently launching the new online insurer "Allianz Direct", a completely new insurance policy is being tested in Italy. The alliance calls the pilot product "My Mobility" and can be completed via app on the smartphone. "It's a mix of travel insurance and assistance services. For probably 1 to 5 euros a day, the customer is completely carefree on his entire journey, no matter if someone uses car sharing or bike sharing, "says Theis.
It should only be a matter of time, according to Theis, until the product is available in Germany after the pilot phase has been completed. Years ago, CEO Oliver Bäte in Italy let the Internet business "think ahead" by making policies dependent on the customer's budget. The policyholder decides how much money he wants to spend each month, Allianz provides the insurance cover.
Big change in the mobility business
Italy became the blueprint for the big data strategy of the Group. Telematics tariffs were first offered beyond the Alps. They give drivers a bonus when they are traveling prudently and accident-free and have their driving style monitored by an app. Almost three years ago novice drivers were enthralled, with mixed success, as Theis admits:
"The alliance has around 100,000 contracts in Germany so far, and I honestly promised even more." In the future, he expects more growth, partly because the age restriction has been lifted.
For the next big change in the mobility business, autonomous driving, the Alliance is preparing meticulously in the words of Theis. Thanks to their sophisticated technology, robotic cars will hardly ever make more accidents in a few years' time. Today, two-thirds of all damage is human-induced collision damage. Because the insurance premium is measured by the loss ratio, insurers' revenues are likely to shrink. Of course, fully automated vehicles would be insured in the future, says Theis. It would certainly be less, but given the costly technology also more expensive damage.
"Our business is the risk"
For insurers, the focus will shift from motor liability insurance to product liability. In many key Allianz markets, the current legal framework is sufficient, says Theis: "There is a no-fault liability for the owner or keeper of a vehicle. If, therefore, an autonomous vehicle causes an accident, the owner or owner of this vehicle will be liable first, regardless of the fault. Thus, its motor third-party liability insurer is the first point of contact for the accident victim and will regulate the damage.
If it turns out that the damage was caused by a vehicle fault, the motor insurance may take recourse from the manufacturer of the vehicle. "These liability rules ensured that the victim could be helped quickly even in accidents involving autonomous vehicles.
In addition, new risks are to be expected with self-driving cars. This raises the question of the data security of electronic systems in cars more than ever before. "Self-driving cars, which are monitored and controlled by software, can be an attractive target for attack by hackers who cause enormous damage through manipulation. Cyber insurance will then play a very different role than it does today, "says Theis." Our business is risk. Now the risks are changing, that's why we're changing our business. "
(tTTranslate) Axel Theis (t) Oliver Bates (t) F.A.Z. (t) Car (t) Alliance (t) World of Mobility (t) Police