For insurers, there are many promising opportunities to help shape the mobility revolution. A corresponding ecosystem has the potential to support customers in a wide range of everyday mobility situations. Mobility in Germany is still dominated by the prominent position of the car. Motor vehicles, or rather motor vehicle insurance, is also of central importance for insurers. This often serves as an anchor product to build customer loyalty and allow cross-selling. In addition, motor vehicle insurance is one of the few compulsory types of insurance in Germany. Due to its critical importance for insurers and the option for customers to cancel their contracts at the end of the insurance year, there is a great deal of competition and in the motor vehicle insurance industry, as well as a significantly higher willingness among customers to switch providers compared to other insurance products. Therefore, insurers should look to provide added value for customers – beyond price – in order to build long-term customer loyalty.
Current approaches to building a mobility ecosystem revolve around the customer's own vehicle as the core of the concept. One major German insurer, for example, focuses on the life cycle of the vehicle and stands out from the crowd by integrating services that are not traditionally covered by insurance companies, such as oil changes or car sales. In addition, this insurer selectively augments its ecosystem with services from cooperation partners that are relevant for everyday life (e.g., motor vehicle financing). On the one hand, this fuels the core business and, on the other, significantly strengthens customer loyalty trough physical and digital solutions that cover every need associated with cars.
In addition, the rise of the "sharing economy" is creating further opportunities in the field of mobility. This trend is developing rapidly, especially among younger people and urban populations. The number of registered carsharing users in Germany has increased by 97% in the past five years (according to Statista from 1.72 million to 3.39 million). Over the same period, the number of vehicles used for carsharing increased by more than 75% (according to Statista from 17,200 in 2015 to 30,200 in 2022). These platform-based sharing solutions provide an opportunity for insurers to become involved as risk takers and thus gain another access channel to potential customers.
In terms of defining a set of goals for the mobility ecosystem, we have come up with the following slogan: "Your insurance provider as your personal mobility attendant". Our role for the insurer considers all aspects of the customer journey in the sphere of mobility – from finding a vehicle to selecting a mobility offering, usage, payment/financing, sales, and support. Specific use cases can then be developed during this customer journey. For example: Need to take a last-minute trip from A to B? Find, secure and pay for a mobility solution.
We would be happy to share with you our various use cases for insurers in the Mobility ecosystem.
