This year’s Auto Insurance Report National Conference (AIR) in Florida featured informative presentations on a wide variety of topics including behavioral data, auto insurance affordability, automated accident reporting and self-driving vehicles.
Host Brian Sullivan closes each conference with a much-anticipated Twenty Trends presentation reviewing the conference’s key topics. Since this year marks the 20th AIR conference, Brian looked back at his past 380 trends to evaluate his predictions.
Here are three key takeaways from the Twenty Trends in Twenty Years presentation:
- Insurance is a Slow-Moving Industry: The biggest miss in the past trends was timing. In the 2000s, Brian highlighted the importance of Millennial drivers and the rise of women in economy. Today, we are still waiting for the impact of social and generational change in the auto industry. The key word is patience.
- Advertising Still Demands Big Dollars: In the early 2000s, Brian predicted correctly that advertising costs will more than triple. Marketing remains steadfastly important, but efforts are now shifting toward online selling and targeted advertising based on data.
- Predictive Modeling and Telematics Are Coming Soon: Insurers are still adopting and rolling out new technology to capture consumer and driving behavior. In 2014, Brian stated that the top 10 carriers will offer telematics services, which is only slightly off today. Not all firms are capable of building comprehensive in-house tools and need to leverage outside sources. Data specialists can help streamline the process of conceptualization to implementation in the auto space.