Managing director of AA Insurance, Connor told the British Insurance Brokers’ Association (BIBA) conference, that the data provided by new technology, such as the connected car, will be the biggest perk to brokers.
However, it her talk she also highlighted a potential threat, as the data gathered by new technology could lead to manufacturers developing their own insurance products.
“This raises questions firstly, about who owns the data and secondly about customer choice,” Ms Connor said.
“Some brokers believe that new car technology will ‘rip the heart out’ of the motor insurance broking market.
“But customers should be able to choose where they obtain their motor insurance and the data collected should be transferable. The broking sector has an once-in-a-lifetime opportunity to play a part in this fast-moving market.”
She added that she believed brokers are best placed in flexibility and choice to help customers adapt to the motor industry’s technological changes.
“And I’m glad that BIBA is already exploring with motor manufacturers, the government and the insurance industry ways to ensure brokers will play a vital role in future technology-based insurance,” she said.