A Cursory Glimpse at ADAS and Its Impact on Motor Vehicle Insurance

The automotive technology known as Advanced Driver Assistance Systems (ADAS) has been changing the way car makers are focusing on safety in building cars. In conjunction with the emerging trend, motor vehicle insurance policies are likewise being developed by adopting an ADAS model for its risk scoring system.

One of the frontrunners in the development of ADAS-based risk scoring system is Swiss Re, which last September, 2020 entered into partnership with Toyota Insurance Services. The partnership will see the adoption of the fintech’s risk-scoring innovation for the insurance policies covering Toyota and Lexus, the vehicles being outfitted with ADAS features and therefore compatible with the Swiss Re ADAS insurance risk scoring system.

Toyota insurance division’s partnership with Swiss Re promises improved insurance policies as the assessment of risks is linked to the safety performance of Toyota and Lexus cars, as well as the extent with which drivers use the car’s anti-accident car features. Initial rollout of the Toyota Insurance Services’ motor vehicle insurance innovation will be in 2021 across European countries.

Actually, BMW was the first to develop the ADAS-based insurance policies for BMW vehicles when the car company partnered with Swiss Re in 2019.

What Exactly is Swiss Re’s ADAS Risk Scoring Innovation?

Swiss Re’s risk scoring technology for motor vehicle insurance is vehicle-specific as the risk assessment factors will be based on a car-manufacturer’s safety specifications. Using data collected from actual car crash tests conducted by Swiss Re, a risk scoring system was developed based on simulations of various car accident scenarios involving a specific car.

The scoring system will then produce safety score for the subject vehicle using all available ADAS configurations. The higher the score results, the safer the car the lower the potential risks. However, the insurance policy and its pricing is still dependent on real-time information on where and how a car model on which the risk scoring system was developed, is being used. Swiss Re simply calls the car-specific insurance that they develop using their risk-scoring system is simply Usage Based Insurance (UBI) solution.

Andrea Keller, the Senior Strategy & Partnership Manager at Swiss Re said that their goal is tro drive innovation that will support a win-win solution for both the car manufacturers and the motor insurance sector. Through Swiss Re’s risk scoring system, consumers will be encouraged to purchase ADAS vehicles, while paying for insurance at reduced costs albeit dependent on the manner and extent the driver uses the vehicle and its anti-accident safety features.
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In the meantime, while car insurance providers abound and in tight competition with other offers, carinsurancesnearme.com gives car owners advice of not skipping the process of comparing all available options. Mainly because most car insurance policies in the market still follow the traditional approach in risk assessments.

Investment Advisors Best Advice To Survive Financial Crisis

With the hard hit of the corona pandemic, almost all nations are feeling the financial crisis. Economically, they all have a hard implication: curbing the spread of viruses is associated with massive curbing social consumption. Social contact must be minimized to prevent virus transmission. This means events and meetings of all kinds are prohibited.

Artists, art institutions, large parts of the retail trade, and the manufacturing industry lose income. In some cases, this loss may even be irretrievable. A possible success in fighting pandemics is therefore bought with an economic crash. The faster and more thorough the medical success is supposed to be, the deeper the induced economic crash.

3 Steps to Survive THIS Market Crash

Investment advisors give their opinion on how one can best protect their assets when a financial crisis strikes. One issue that experts agree on is dispersion, regardless of asset size. In plain language, it means not only rich people should think about the next possible crisis early on.

“The small investor can perceive the diversification in the context of security account just as much as the wealthy investor by selecting investment funds of the respective asset classes,” explains Bielefeld financial expert Michael Göldner. That means equity, commodity, and real estate funds.

Thomas Gertler sees it a little differently. The financial adviser from Chemnitz advises against funds and instead recommends a mix of defensive and future-oriented stocks. See the Stocktrades picks the best dividend stocks here. Gertler cites the papers from Nestlé, Colgate-Palmolive, Alphabet, Apple, and Kuka as examples. “And to secure the equity deposit, the Stabilitas Pacific Gold + Metals P”. It is not surprising that Gertler recommends investing his assets in real estate, because “people always live”.

In addition, he believes that buying precious metals in physical form is worthwhile. “Gold and silver, no other commodities,” said the investment advisor. Some of the metals are to be stored in Germany, the other abroad for security reasons.

Thomas Gertler also gives additional tips. Since financial crises usually happen “overnight”, it makes sense to have enough cash available. As a rule of thumb, according to Gertler, 1,000 euros per person and food storage for four weeks.

Both financial experts – Göldner and Gertler – are also of the opinion that deposits with banks and insurance companies offer no protection against financial crises and are also only slightly lucrative. “The main problem is that investors are still sticking to monetary values, ie banking, home savings, and insurance products,” emphasizes Göldner in an interview with the Business Insider.

In contrast, successful investors’ investment portfolio is minimal and limits it to the “exception”. Conversely, bank advisers and insurance agents are “not at all interested in offering customers alternative products”.

How to Write A Simple Business Plan

A well-written business plan is important for every start-up business. Banks and other financial institutions (https://newhorizons.co.uk/loans-for-bad-credit/no-guarantor-loans/ ) will be requiring a complete business plan that thoroughly describes your line of business in the event you decide to take out a loan to augment capital. Or to meet the financial requirements of your business.

1. The purpose of your business

In the first chapter you can immediately grab attention. So try to describe your business goal in one clear sentence. With this you immediately give a good description of the purpose of your company. Why are you starting this company? For whom? What do you think you can achieve with that? The main purpose of this first point is simply: how do you arouse the reader’s interest? Short but sweet. That is the common thread throughout your entire business plan

Also know who you write for, banks or private investors usually don’t have a lot of time to read comprehensive business plans extensively. The more concrete your business plan, the greater the chance that it will ultimately be looked at carefully. Good to keep in mind: the ideal length is around twenty pages.

2. Find your client

In this section you describe the current situation of your future customers and / or clients in the region. What problems do they encounter? How are they dealing with this at the moment? Click on ‘Preview’ to see what this looks like in practice.

Example of a current situation. Of course, you must be able to substantiate these claims with the right facts, for example from Statistics Netherlands. Or take a look at Figures and Trends at Rabobank. Here you will find up-to-date information about, for example, the opportunities, threats, and perspectives about your industry.

3. Your added value

The title actually indicates it: here you tell about what your product or service adds to the customer. What will you do to offer these customers and / or clients a good alternative to the current situation? And is this financially feasible?

Keep a few things in mind here:

  • Make sure you describe these issues clearly.
  • Do not avoid potential obstacles.

Therefore always state briefly which problems you may encounter and how you expect to be able to circumvent or solve them.

4. How relevant is your company?

You use this part of the business plan to convince the reader that this is an excellent time to start the business. Support your story again with accurate data about the developments of the last years in your industry and region. Which developments make your company relevant now?

5. From market research to the marketing plan

No business plan is complete without the results of market research. As an entrepreneur, you have to know how your market works and you want to stay informed of the latest developments in the sector.

Added value of your product or service

Just like a potential investor, the customer will soon have to be convinced of the added value of your product or service. A marketing plan helps you gain more insight into your market, with which you can then sketch a clear profile of the target group via the marketing mix. Then take a look at the possibilities of drawing up SWOT analysis.

6. The competition

Here you write about the established companies in your field and region with whom you will soon be competing. In this competition analysis, also briefly indicate to each competitor what your company will do differently (and better).

7. The product

In this section, you can describe your product or service in detail. What is the goal? How is the product made? For example, would you like to write or translate web texts for companies from Dutch to English or Russian?

Describe step by step how you will proceed exactly and what the costs will be.

Is a possible second correction included in the price or do you charge extra hours for this? And what about copyright, for example?

If you want to start manufacturing, importing or exporting products with your company, this is the place to explain the exact import or production process in clear terms.

8. Business model

The business model helps you display certain aspects of a company. From the expected turnover, price, potential customers, target groups, the maximum size of the assignment or job that you can take on, and the sales model. This is a way to visually represent the aspects of your business model.

9. Sole trader or large team?

Are you going to set up a sole trader? Then you just have to put your own name here. But when you start a business together with others, you have to record this on paper:

  • Who are the founders?
  • Who are responsible for operational management?
  • If relevant, who are the management board?

10. Financial information

Finally, the business plan must also include financial obligations. For example: Making a realistic estimate of the cash flow. A profit and loss account, the balance, what you can offer the acquired investor financially, and when do you think you will reach the break-even point?