Entertainment
How Elon Musk is planning to put motor insurers out of business – The Driven
High-tech car makers like Tesla are using reams of customer data to sell cheap bespoke insurance. Incumbent insurers may struggle to keep up.
It’s now nearly two years since Tesla boss Elon Musk announced his company would start offering insurance to its customers at a 20 or even 30 per cent discount to regular insurance. Now, some in the insurance industry are saying this is the start of a trend of car makers becoming insurers.
The result, they say, could be devastating for traditional insurers, who simply have nothing like the level of data about their customers that Tesla and other car makers do. It’s the same disadvantage brick-and-mortar…
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