How Vehicle Technology is Building a More Sustainable Future

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The race to create a sustainable car has been ongoing for decades – and it doesn’t look like it will be ending anytime soon. The desire to develop the subsequent functioning yet highly sustainable vehicle has increased right alongside the demand.

Lately, most auto manufacturers have put their attention towards electric vehicles. Given that electricity is a renewable energy source, this makes complete sense. Yet, it is not the only tactic that manufacturers are considering.

Electric Vehicles

Electric and vehicles, also known as EVs, are growing exponentially common these days. This is partially due to the government incentives available across the globe. Currently, the EV market is expected to grow at a CAGR exceeding twenty-one percent between 2019 and 2030. 

Despite the rising demand, a few problems are facing electric vehicles. For one thing, there is currently no standard among charging stations. While that may be a tolerable problem for smaller techs such as phones, it does not govern longevity for something as significant as a car. CharIN is one of several companies trying to encourage universal standards for charging, but it will take time.

Another focus for further developing EVs is the battery itself. This is the new heart of a car, where all of the power is stored. Currently, EVs depend on lithium-ion batteries, which means factors such as temperature and over-changing are legitimate concerns.

Battery Second Life

As mentioned above, finding greener solutions to deal with batteries is a must. One short-term solution, pushed by Analog Devices, is to repurpose spent batteries. Contrary to popular belief, batteries that have worn out from powering cars all day still have a bit of power in them. It isn’t enough to power a vehicle, but it is enough to provide a bit of electricity to those that don’t have it. Suddenly, that otherwise wasted energy can be used to provide cooking fuel to those that need it most. 

Green Tires

Believe it or not, greener tires are another consideration when it comes to making more sustainable cars. Rubber is not a sustainable product, so creating cars based entirely on this material is not practical or eco-friendly.

However, finding an alternative to rubber has become quite a challenge. Instead, companies are trying to find other ways to offset their carbon footprint. Time will tell which solution wins out.

 

Predictive Analytics and Car Insurance

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With the way technology has been improving, it would inevitably begin impacting every industry out there—even the insurance industry, where developments such as predictive analytics have been making waves.

Predictive analytics is a form of machine learning that uses data (usually in the form of statistics and historical data) and algorithms to identify patterns and future possibilities. When it comes to insurance, that can make a world of difference for insurers and clients alike.

How It Works

As a whole, predictive analytics has been a growing trend, with many different industries trying unique ways to apply the technology. Predictive analytics has become so common that anyone spending any time online has likely come across it. Predictive analytics play a part in ad generation, search engine optimization, and website recommendations. And it’s all based on an individual user’s history.

Predictive Analytics Meets Car Insurance

When it comes to car insurance, there’s a lot that predictive analytics can do to help improve the industry. For one thing, it can (and will) allow for a more personalized experience. Gone are the days when an insurance plan was one size fits all.

These days, machine learning can grind through a driver’s history and develop a custom insurance plan uniquely suited to them. For example, a safe driver with a record of following speed limits, wearing seat belts, and avoiding tickets can rest easy knowing that they got the best deal possible.

Applications of Predictive Analytics

The possibilities for predictive analytics don’t end there. That’s the beauty of this customization engine. Insurance companies can use this technology to compile crash data and even flag fraudulent claims. It all depends on the data they feed the program.

Marketing campaigns have already begun to make heavy use of predictive analytics, and soon insurance companies could be doing the same thing. Let’s go back to that online example from earlier. A person hops online, does some browsing, and calls it a day. The next day, they get an email advertising a sale on an item they were looking at. This is not a coincidence but rather a carefully orchestrated plan.

Insurance companies can do the same thing – marketing the right plan to the right clients and knowing how to best approach them. Some clients prefer to be approached via email, others via phone or text. Machine learning can help process that information and create a personalized plan for thousands of potential clients.

Insurance and The Gig Economy

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Insurance & The Gig EconomyThough the name has been hotly contested, there’s no debate that the gig economy, or the private-citizen-to-private-citizen trade of goods and services, is alive and thriving. From cars to dwellings to clothes to furniture to even friends, app developers have helped facilitate the expansion of a market that lets regular people sell or rent their stuff or labor to strangers online. On the whole, the results have been wonderful. Sellers are finding new, creative ways to bring in extra income, and buyers are happy to spend extra money for a better, more personal experience.

Some dubious scenarios surrounding accident and theft coverage for the sellers in these situations, specifically regarding who’s on the hook for costs, have arisen. One woman publicized a horror story of an AirBNB gone bad when she rented her beautiful condo and returned to find her house trashed, her stuff ransacked, and her memories scattered all over. A man who took odd jobs on Airtasker discovered while he was on a gardening job that the house where he was worked had asbestos. These incidents and more beg the question: Who’s on the hook for insurance in the gig economy?

Insurance agencies got hip to Uber quickly and discontinue the policy whenever a driver has the app open, although Uber allows a small amount of coverage while they’re on the app. AirBNB used to offer nearly no protection whatsoever, but now offers some protection from rare vandalism and theft. Airtasker offers a little insurance to its workers as well, but its policy has a lot of caveats as to which tasks it will offer worker’s compensation for; for example, the business will not offer insurance coverage to building jobs, fitness training, taxi driving, and other “risky” jobs.

The classic argument that the apps offer in court when they’re sued for insurance liability is that the people who use the app do so willingly knowing full well that the coverage is minimal. Furthermore, if a person were doing handiwork for a neighbor without the facilitation of the app, the worker would not expect any sort of compensation in the event of an accident.

Still, there’s a clear void in the market for who’s responsible for accidents that are incurred in the gig economy. Welcome Bunker, an insurance agency that handles the leg-work for freelancers, independent contractors, and other who don’t have employers to cover their risks. Put most simply, Bunker allows contractors and employers to get on the same page regarding required insurance and proof of coverage. While it doesn’t necessarily offer insurance, it does ensure that the employee is covered enough to prevent suits on either side. While the site is still rather young, it’s starting to help fill the coverage void for non-traditional workers.

As the gig economy grows and diversifies, insurance will continue to play catch-up, but if you’re participating in the gig economy either as a buyer or seller, you need to know what you’re covered for on your personal policy and the company’s policy.