AUTO INSURANCE, WHAT FUTURE?

While we see the flourishing of advertising offers for drivers penalized by “malus”, car insurance, saturated market, is it jostled with the arrival of new players?

It seems that the sector is transforming more than it seems, especially with the change in the behavior of policyholders.

2.0 personal drivers who do not hesitate to compare and want to ride cheaper

In recent years have seen the wave of car sharing in France after the advent of carpooling that has attracted many motorists. We no longer count the new ways to “consume” the car: whether it is Autolib or sites that can connect the motorists: Blablacar, Carpooling, … ..

This wave reflects the enthusiasm of the French – currently mostly urban under 25 – for cheaper modes of travel that divide the costs of ownership of a vehicle (up to 8 000 € per year, integrating insurance premiums).

The historic design of the car as a property and utility changes in favor of a “car service”: I use it only when I feel the need, limiting as much as possible the “expenses” related to parking, the insurance,….

In addition, drivers adopt an “eco-citizen” attitude and are increasingly seasoned consumers of Internet comparators ; they are better informed and do not hesitate to play the competition.

Cautious Professionals Focusing on Savings

Fleet owners have been pushing the accelerator for the purchase of CO2-emission vehicles that are strongly incentivized by specific tax schemes such as the TVS (Tax on Company Vehicles). In some cases, there are shy entries in the hybrid as in Siaci Saint-Honoré.

On the other hand, the professionals of the sector also play on the size of their fleet by containing as much as possible their increase, or even decreasing their driving of private car and sometimes call on experts of the management of fleet to help them to reduce the costs .

In the face of the crisis affecting the rental sector, many players have gone out of business or been absorbed by competitors; it is a concentration of the sector that is not necessarily to the advantage of insurers whose customers whose size continues to grow see their bargaining power increased tenfold.

Insurers urged to innovate to capture new trends and counter the arrival of new players

Auto insurance is a market where insurers, bancassurers, and assistants compete fiercely.

For example, innovation means adapting insurance contracts to the new needs of customers. From now on, some companies offer their policyholders modified contracts that include accommodation offers per kilometer .

New consumer habits, not only carsharing, but the arrival of electric cars with the emergence of new risks (theft of cables or batteries), push insurers to review their offers.

For example, insurance contracts have been transferred to “assistance-for-use” services to support policyholders throughout their use of the car or any other means of transport.

The case of carsharing has many specificities. When it is done between individuals without a particular organization, the situation is more complex because the insurance is based on the vehicle, which can lead to complications if co-owners wish to individualize risks while insurance law sets limits in terms of individualization of shared vehicle insurance for economic purposes.

New initiatives from brokers

Due to a tense market, some insurers are pulling out of the fleet insurance market which decreases the steering wheel of available offers. It is the brokers who react, particularly caught between insurers who want to make more and more savings and insurers looking to keep their margins.

Brokers are therefore launching new services to offset these shortfalls, be it self-insurance risk management on behalf of clients, the return of private vehicles for long-term leasing or the development of access to a network. authorized repairers.