Tesla Insurance to give several benefits
Published : Thursday, 20 February, 2020 at 4:57 PM Count : 341
The most important Tesla product is none of its vehicles, according to the Fast Company. This is Tesla Insurance.
Elon Musk and Tesla published articles praising Ellen Musk and how Tesla “fascinated the world,” with products such as the Tesla Model 3 and Tesla Cybertruck (reservation holders, represent!).
Insurance companies make money from two sources: premiums collected from their customers and earning from investing a small portion of premiums. They invest after paying all claims and paying all their overhead expenses. If a general insurer is able to invest as little as 5 cents on each premium dollar they collect, they will make a good profit.
In 2019 alone, the total revenue that insurances companies earned was around $285 billion, according to IBIS World, which compiled data that showed the annual growth of the US auto insurance industry from 2014 through 2019. That growth rate was 3.3%.
Tesla is joining another industry that is one of the largest industries in the world, and if we know Elon Musk and Tesla, companies will probably improve this industry. There are several ways to improve Tesla insurance services and reduce costs. (For example, Tesla may offer lower rates for customers who have “Full Self Driving.”)
Currently, Tesla’s insurance is only available for Tesla vehicles in California, but it is hoped it will spread to other states and eventually to the world. I hope that when I distribute my cybertruck it will be available. Louisiana has a total domestic auto insurance rate of $2,225 per year, which is about 55.9% higher than the US average, due to Louisiana’s insane insurance policies.
One of the benefits of Tesla from selling insurance is that the company has current - even real-time - data on all its driver’s driving behavior and the performance of the car they are driving. These include technology, camera recording and sensor readings, which allow Tesla to estimate the risk of an accident and repair costs as appropriate and as quickly as possible.
Generally, when an accident occurs, their insurance company has to investigate all aspects of it. With Tesla, the company already has access to key data the company can review. Insurance premiums for Tesla Insurance are 20% to 30% lower than rivals. These premiums are computed anonymously with the data.
The author of the article described above, Alex Zarifis, evaluated 32 insurance providers around the world, including Tesla. He discovered that AI, Big Data and several other technical implications were reinsurance insurance. In other words, the insurer’s work shifts hands from local human expert underwriters to automation driven by big data and AI.-Internet