“Hello Mr Rana You Appear To Have Had An Accident…”

Hello Mr Rana you appear to have had an accident …

You’re driving along the M42 on a wet rainy afternoon, Coldplay blasting out of the Harman Kardon sound system in your new BMW 5 series. Suddenly, the driver in front slams on his brakes, your car is beeping loudly, and the brakes are being automatically applied by the car to try and prevent a collision. You didn’t have time to react but luckily the car was paying more attention to the traffic in front than you were. There’s an explosive crunch as you come to an abrupt stop and your face is slammed into the airbag. Luckily, thanks to the instantaneous reactions of the cars’ sensors you are shaken but not injured. The car unfortunately didn’t come off quite as lucky.

You hear a ringing tone and then a calming voice says, “Hi Mr Rana, you appear to have been in an accident, are you ok?” It’s BMW’s incident management service. The car has already alerted them of the accident, notifying them the airbags were deployed as well as the amount of likely damage to the car – all whilst you are still sat in the driver’s seat trying to comprehend what has just happened. The voice waits for your response and then informs you that the emergency services have been alerted and are already on their way to you. “Oh, and don’t worry about the car sir, we have a BMW recovery vehicle on the way to collect your car and take it to Sytner BMW in Solihull. If you are ok to continue your journey, we can have a replacement BMW waiting for you on arrival at Sytners or we can have it delivered to your home address this evening? And by the way, we’ll liaise directly with your insurer so no need to worry about notifying them.”

Cars are becoming ever more technologically advanced. Some have over 90 built-in sensors sending out a whole stream of data back to the car manufacturer. As a result, the car brands are provided with the opportunity to deliver additional innovative and comprehensive end-to-end motoring services. This is not a 2025 or 2030 scenario; this is happening today. Companies like Wejo already have 10.6m vehicles talking to their connected car platform, so as an insurer how do you stay relevant?

We are rapidly moving towards autonomous or self-driving vehicles. In a world where the need to own a car is decreasing, it’s important that insurers are able to evolve their offerings to avoid becoming a faceless utility. Whether insurers believe autonomous vehicles are 5 years away or 20, the current motor insurance market is already being disrupted. Today, most insurers simply don’t have the capabilities to provide the fully integrated, digital customer experience that will be increasingly expected by consumers. Traditional claims platforms are not designed to handle these types of scenarios. For most insurers that have gone through the expense of a claims transformation programme in recent years, re-assessing their core platforms is simply not an option.

Due to the pandemic lockdowns last year, consumers are already questioning why they are paying annual premiums. Their cars are spending the majority of their time on the driveway and with the change in working patterns, people will be commuting less in the coming years. Most insurers are now looking to launch pay-per-use policies for the mass market. Similarly, to how Tesla accelerated the drive towards electric vehicles for the whole industry, there are several InsurTechs looking to take advantage of their agility to get products into the market. Quicker than the current incumbents, they pose a threat by potentially stealing market share from insurers, by working more directly with the motor brands themselves.

As a result, many insurers are already thinking about some of the following issues that will inevitably impact their business:

  • Reduced vehicle usage resulting in decreasing number of accidents
  • Technology in modern cars reducing the likelihood or severity of accidents
  • Level of technology sophistication, resulting in damaged vehicles having to be repaired through main dealers at greater cost
  • Younger drivers moving away from the owned vehicle to shared mobility business models
  • The rapid move to electric vehicles – Jaguar recently announced that its entire portfolio will be based on their EV platform by 2025 – that’s only 4 years away
  • As cars become more connected the increasing threat of cyber-attacks on the vehicle itself, introducing new factors in the determination of accident cause

We are already developing a range of digital customer journey accelerators that can fill the gaps and help insurers deliver more comprehensive, end-to-end digital experiences for their clients through integrating with the new generation of dynamically generated data.


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Digital Claims Journey Accelerator

Claims fulfilment is not a new challenge for the insurance industry. However, COVID-19 has exposed significant gaps which negatively impacts all stakeholders.

Our Digital Claims Journey Accelerator utilises the latest intelligent automation technologies to address these gaps at rapid pace.

Digital Claims Journey Accelerator

Our Digital Claims Journey Accelerator utilises the latest intelligent automation technologies to address these gaps at rapid pace.