Market Trends of Germany Car Insurance Industry
Increasing Focus Towards Digitalization In Car Insurance
The digitalization of car insurance companies in Germany made customers easier to access insurance products and services through digital platforms. The use of data and analytics in digitalization is one of the factors that enhance the growth of the car insurance market. German car insurance companies are primarily focussing on customer-facing applications. Advanced analytics (AA), online sales technologies, machine learning, the Internet of Things (IoT), distributed ledger technology, virtual reality (VR), infrastructure, and productivity are some of the technologies that helped car insurance companies achieve digitalization.
Growing Traffic Accidents
The increase in the car insurance market in Germany is due to increased traffic accidents. Road safety continues to be a significant concern in Germany. Since Germany has large road networks, road safety has become more critical for the country. So, as per the Motor Vehicle Act, one should purchase third-party insurance whether the consumer has a new or used car. In previous years, there has been an increase in road accidents, which led people to buy car insurance due to the high repair cost.
