As an industry that thrives on the weaknesses of human drivers, automotive insurance is facing a difficult problem in the coming of autonomous cars. Not only are autonomous cars themselves proven to be safer drivers than humans, but they, in turn, create a safer driving environment for people not piloting an autonomous vehicle. This reality will no doubt lead to car insurance premiums falling as smart and self-driving cars begin to populate the roads of the world. Tesla motors, a pioneer in the autonomous vehicle sector, has recognized this concern and has taken steps to capitalize on it.
Earlier in October, Electreck posted an article informing that in a partnership with Liberty Mutual Insurance, Tesla’s “InsureMyTesla” insurance program was coming to the United States and Canada, after successful implementation in Hong Kong and Australia. The unique insurance package offers Tesla customers features such as a guaranteed rate for one year, 24-hour roadside assistance, genuine replacement parts, and others. Each of the items detailed in InsureMyTesla are designed to augment the autonomous capabilities of the cars, giving incentive to enroll in specialized insurance. In retrospect, it seems obvious – new cars need new insurance. A big part of that insurance is no doubt going to be cyber security insurance.
The revolution of the car insurance industry is already on the way. With safer streets and cars that need less maintenance, traditional insurance models will fall out of favor in place of plans that offer solutions to the new problems cars face. Data analytics, user-based insurance, and cyber security are features Trillium expects to see top the list of desired outcomes from insurance providers. With vehicle hacks being the largest area of concern regarding autonomous vehicles, the need to feel safe from such a threat will no doubt manifest itself in the inclusion of cyber security in insurance packages. To boot, according to a 2016 Kelly Blue Book study 50% of people surveyed were willing to pay $9 monthly for automotive cyber security as insurance or a subscription software. These signs all point to cyber security becoming a highly sought-after quality in any provider’s insurance package.
To meet this demand, Trillium has developed it’s Cyber Security as a Service (CSAAS) business plan, utilizing a B2B2B2C market strategy. This allows for the maximum amount of input from both automotive manufacturers and insurance providers, leading to the best user-oriented solution possible. Trillium’s SecureIOT is optimal for this implementation, covering every important aspect of autonomous car insurance. SecureSKYE provides advanced data analytics, leading to more refined user-based insurance policies, while SecureOTA allows for the swift implementation of necessary software updates. As the autonomous insurance landscape develops further, the value of SecureIOT’s multilayered protection will make itself clear, leading the way to a safer tomorrow.