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Illustration: Aïda Amer/Axios

Automakers are beginning to offer subscription packages that include insurance, typically via a third-party provider. Tesla has gone a step further, recently announcing it will offer its own policies, which may signal a larger shift in auto insurance.

Why it matters: The volume of vehicle behavioral data that connected vehicles will generate could be leveraged by automakers to edge into the insurance market, while enabling them to proactively protect drivers by recommending safer routes.

The big picture: Connected vehicles generate huge amounts of vehicle usage data. 

  • Real-time data is already becoming a new currency for insurers, impacting the way the $558 billion industry works.
  • But this change also creates opportunities for new insurance technology start ups and automakers to get into the insurance space.
  • Insurance tech companies raised $3 billion in investment in the first half of 2019, money that will likely advance in-house OEM insurance.

How it works: This influx of data creates a new era in insurance because, fundamentally, insurance extrapolates from historical data to create risk models.

  • Real-time data collection can accelerate the building of those risk models for emerging mobility technology, like AVs and electric scooters.
  • The breadth of data available also allows for more insightful risk modeling.

Between the lines: Tesla's move reinforces the idea that OEMs could begin providing their own insurance.

  • Yes, but: This could prove a challenge for companies long dedicated to "bending metal."

What we're watching: In addition to offering insurance, this influx of data could be leveraged by suppliers to protect users in new ways. 

  • Eventually, navigation guidance could recommend a route where accidents are less likely to occur during rush hour.
  • Leveraging traffic, weather, and other data can protect fleets, equipment, and especially people, which would reduce risk and lower insurance costs.

Ian Sweeney is the GM of Mobility at Trov, an insurance technology company.

Go deeper

Scoop: Trump-backed Perdue says he wouldn’t have certified Georgia 2020 results

Perdue at a December 2020 campaign event in Columbus, Ga. Photo: Elijah Nouvelage/Getty Images

Georgia gubernatorial candidate David Perdue wouldn’t have signed the certification of the state’s 2020 election results if he had been governor at the time, the former Senate Republican told Axios.

  • “Not with the information that was available at the time and not with the information that has come out now. They had plenty of time to investigate this. And I wouldn’t have signed it until those things had been investigated and that’s all we were asking for," he said.

Why it matters: There has been no evidence widespread fraud took place in Georgia's elections last year and the November results were counted three times, once by hand.

Beijing Olympics: These countries have announced diplomatic boycotts

Photo: Zhang Qiang/VCG via Getty Images

Several countries, including Canada and Australia, have announced they will join the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympics to protest human rights abuses committed by China's government.

Driving the news: Leaders have faced pressure from human rights groups and others to boycott the Games, pointing to the ongoing genocide of Uyghurs and other Muslim minorities in China's Xinjiang region and other abuses.

Biden directs federal government to become carbon neutral by 2050

President Biden speaking to reporters outside of the White House on Dec. 8.

President Biden signed an executive order Wednesday that requires the federal government achieve multiple goals related to reducing its carbon emissions, including achieving net-zero emissions by 2050.

Why it matters: Meeting the objectives of the order would require a massive investment by the federal government to buy electric vehicles, upgrade buildings and change how it procures electricity.