Car Ownership vs Renting: Insurers Must Hedge Their Bets

New research from Ebbon Intelligence, a new company that uses artificial intelligence to help clients manage their automotive fleets more effectively, reveals that 453,461 people are planning to sell their cars this year to save money, and will rent vehicles instead when needed. A further 403,077 intend to sell their cars to help reduce the number of vehicles on the road to help protect the environment, and again will rent when they need to. The stats are based on a survey of approximately 1000 people.

Some 202,538 people intend to sell their cars and rent so that they can drive better quality vehicles. In total, Ebbon Intelligence’s research reveals that around 9.47 million adults in the UK are planning to rent cars over the next 12 months, with 81% saying they will do so when on holiday. This was the main reason given for renting a car.

As the UK government and Councils continue to implement WEF (World Economic Forum) policies on climate change, forcing car drivers onto bicycles or public transport etc. the future may well be car renting on an occasional basis. That means insurers need on-demand policies that can tap into shared driver data, so the risk can be assessed quickly and accurately, at the point of hire.

RENTAL MARKET DEPENDS ON ACCURATE DAMAGE DATA

Ebbon Intelligence is a recently launched joint venture between Zegami, an Oxford based data visualisation platform, and automotive technology solutions provider Ebbon Group. Ebbon Intelligence is developing smart repair and damage identification systems that will enable car hire companies to accurately assess depth and detail of damage to vehicles during rentals.

Robert Pilkington, joint CEO at Ebbon Group, said: “One of the biggest challenges facing rental and mobility providers is the management of damage in a fair way for the consumer and themselves. Our AI based technology work is focussed on making this easier for both parties in a society where rentorship is on the increase.”

Roger Noble, CEO and founder of Zegami said: “Renting instead of owning a car can save you a fortune and, in some cases, it can also mean you get to drive a better-quality vehicle. Car rental firms need to ensure they are managing their fleets effectively, and this includes identifying any damage and having this repaired in a quick, cost effective and efficient manner.”

Zegami’s roots are in healthcare and life science and its cloud-based platform is extremely sophisticated and highly visual. It has recently developed a system to analyse large numbers of mammograms and identify abnormalities, which is the first stage of breast cancer screening.

About alastair walker 5651 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.