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Leading insurers in the EV sector are increasingly adopting the practice of creating separate, EV-specific insurance coverage.
Given the additional difficulties presented by the infrastructure for charging and the different technological backgrounds of the automobiles, this progress is acceptable. Despite this, there has been a recent movement in the conventional motor insurance industry, and the electrification of vehicles will hasten this change.
Longer battery lifespan, affordable charging infrastructure, and falling EV prices will all contribute to increasing the adoption of EVs. These factors will also help to grow the market for EV insurance.
The automobile industry is undergoing unprecedented upheaval, and the rapid, global adoption of EVs is the current pressing concern.
The Japan EV Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
A new usage-based insurance programme for personal-line customers has been introduced by Aioi Nissay Dowa Insurance Company Limited (Aioi Nissay Dowa Insurance), a member of the MS&AD Insurance Group, the largest P&C insurer in Japan, in collaboration with Cambridge Mobile Telematics (CMT), the world authority on smartphone telematics.
The Tough Mimamoru Car Insurance Plus S software makes use of the DriveWell platform from CMT to assess driving performance and perform collision detection and reconstruction in real-time.
The programme has an initial discount of 4%, and responsible drivers can save up to 8% when their discount is renewed.
The programme includes collision detection and roadside assistance services in addition to incentives for defensive driving. Depending on the details of the accident, the Tough Mimamoru Car Insurance Plus S app sends out an urgent alarm.
The Telematics Damage Service System (the “Service”), a new accident response service that uses driving data obtained from connected cars to enable the visualisation of driving conditions such as driving route and driving behaviour at the time of an accident, and uses artificial intelligence to achieve advanced accident detection, was developed jointly by Toyota Motor Corporation (Toyota) and the MS&AD Insurance Group’s Aioi Nissay Dowa Insurance Co., Ltd. (Aioi Nissay Dowa Insurance).
Recent developments in linked technologies for automobiles and other fields have made it feasible to collect and use vehicle data from connected cars and provide new mobility services.
Together, Toyota and Aioi Nissay Dowa Insurance created Japan’s first telematics motor insurance, “TOUGH Connecting Car Insurance,” which offers features including customer
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