Insurer eyes new trends in auto sector for growth

Emerging auto trends like connectivity, shared mobility, autonomous driving and electrification are rewriting the playbook for the auto insurance and service industry and spell huge opportunities for those who can ride the wave on such booms, a senior industry executive said.

China is perhaps among the best places to pioneer novel insurance practices thanks to the sheer size of the auto market, the constant push for digitalization and faster pickup in vehicle-related technologies, said Christophe Aniel, chief executive officer of Allianz Partners Greater China, a subsidiary that specializes in roadside assistance (RSA) for insurer Allianz Group.

"With the advent of new technologies, now cars don't operate in the same way and problems - from engine-related questions to the life span of batteries - don't occur in the same frequencies," he said.