The Future of Mobility Insurance: Slice Labs Whitepaper

How insurers need to shift their response beyond tweaking legacy offerings

Get your copy of The Future of Mobility Insurance

New York, NY (Aug. 13, 2020) – Despite many exciting innovations and advancements in mobility technology and business models, insurance remains pretty much the same. Rather than responding with new commensurate innovations, insurance solutions that have existed for decades are shoehorned with minimal adaptation to meet minimum requirements, often leaving coverage gaps. There is no doubt that mobility is changing, and insurers will need to shift their response beyond tweaking legacy offerings.

In this report, Slice Labs dives into our view of the future of mobility insurance.

Introduction: Preparing for Possible Futures

Autonomous, shared and electric vehicles are facets of the changing mobility landscape with which we have all started to become very familiar. We are able to imagine how developments on each of these fronts, both individually and in distinct combinations, will alter our lives and in fact our lifestyle. How we move from place to place, how we interact with modes of transportation, what we value in making choices around mobility will all transform to a seamless, efficient and rewarding experience. Coupled with that is our expectation, as a society, that safety and protection are fundamental considerations and features of these offerings. And, as individuals, we trust that insurance as we know it today will transform to align with the new needs of safety, protection, prevention and peace of mind, not only for the end state when these innovations are fully realized, but also throughout the journey as we get there.

There is no doubt that mobility is changing. The last two decades have brought Mobility as a Service (MaaS) as we shift away from personally-owned modes of transportation. Ever increasing demand for personalized services has helped to create the market space and momentum for MaaS. Introduced by a myriad of innovative mobility service providers such as ride-sharing and e-hailing services, bikesharing programs, scooter-sharing systems and car-sharing services, MaaS continues to thrive through new entrants and the incumbents.

Changes are also being fueled by increased urbanization, rising environmental awareness as we increase our focus on sustainability, and of course as a result of demographic change.

These exciting innovations and advancements in mobility technology and business models yet insurance remains pretty much the same. Rather than responding with new commensurate innovations, insurance solutions that have existed for decades are shoehorned with minimal adaptation to meet minimum requirements, often leaving coverage gaps. There is no doubt that mobility is changing, and insurers will need to shift their response beyond tweaking legacy offerings.

To read more, access the Future of Mobility Insurance white paper.

About Slice

Slice Labs Inc. is the insurance engine behind tomorrow’s cloud-based, on-demand digital services ecosystems for the new economy. Through the Slice Labs Insurance Cloud Services (ICS) platform, Slice Labs is enabling insurers, technology companies, and other service providers to build truly intelligent and intuitive, pay-as-you-go digital insurance products protecting the insured anytime and anywhere.

Slice Labs is headquartered in New York, with a launch studio in Toronto and a development office in Ottawa.

For more information, visit www.slice.is.

• Learn more about Slice in the InsurTech Spotlight.

SOURCE: Slice Labs Inc.