Insights from IIF 2023 – Motor Insurance: Reshaping an Evolving Industry

The IIF 2023 – Motor Insurance Conference, held with the support of IUC, provided an in-depth platform for industry professionals to explore how motor insurance is transforming in the face of rapid technological, social, and behavioral change.

Traditionally a conservative and often challenging segment, especially in emerging markets, motor insurance has long been under pressure to improve profitability while maintaining broad accessibility. However, the past decade has marked a turning point. With the rise of digital tools, data analytics, and AI-driven platforms, motor insurers are rethinking how they assess risk, design products, and engage with policyholders.

The event explored the impact of shifting mobility patterns — particularly among younger generations — and the growing adoption of electric, hybrid, and smart vehicles. These trends are reshaping not only the nature of insurable risks but also consumer expectations around coverage flexibility, usage-based pricing, and claims efficiency.

Speakers at IIF 2023 shared valuable insights into how the industry can embrace innovation without losing sight of the traditional segment that still represents a major part of the portfolio. From telematics and connected car data to digital claims ecosystems, the conference showcased how insurers are adapting their strategies to remain relevant and profitable.

Another focal point was the ongoing profitability challenge. Experts discussed cost-containment strategies, fraud prevention technologies, and regulatory dynamics that are shaping underwriting practices in today’s complex risk landscape.

With its balanced agenda combining technical depth and strategic vision, IIF 2023 served as an essential meeting point for reimagining motor insurance in a fast-evolving world. IUC was pleased to support this timely and insightful event, reinforcing its commitment to knowledge exchange and innovation in the insurance sector.