Breana Noble The Detroit News Published 11:57 PM EDT Oct 29, 2018 Ann Arbor — Insurers are bracing for change as they plan for a future with self-driving cars. Although the hope is that autonomous vehicles will decrease traffic incidents and improve road safety, it could take years before the benefits of expensive-to-repair, technology-packed vehicles reduce insurance premiums. Meanwhile, autonomous vehicles promise to shift liability for accidents from drivers to the car itself, threatening insurers' traditional business model. "There's angst, anxiety, worry (because) ... we're heavily in the auto business," Neil Alldredge, senior vice president of corporate affairs for the National Association of Mutual Insurance Companies, told auto insurers earlier this month at an Ann Arbor conference on the topic. "We should do everything we can to understand the technology around autonomous vehicles, but don't panic. There's some time here to work some … [Read more...] about Self-driving cars expected to shake up insurance industry
National association of mutual insurance companies
A radical move by one of the biggest life insurers in North America has experts questioning whether the company could reshape the model for the industry — by building business around helping its customers live longer. In September, insurance company John Hancock announced that it will include its Vitality health incentive program, which customers had to opt into in the past, in all its policies from here on out. Policyholders can share personal health information, like their daily diet and data from fitness trackers, and be rewarded for healthy lifestyle choices through prizes and lower premiums. In some ways, life insurance is an inherently morbid industry, since it requires its customers to prepare for their deaths. But by writing the Vitality program into all its policies, John Hancock is trying to refocus its business model around helping people live longer, healthier lives, the company said. It sounds altruistic, but the benefit is mutual — the longer their customers … [Read more...] about John Hancock insurance program could change the industry
WASHINGTON (Reuters) - A threat by the U.S. government to impose tariffs of up to 25 percent on imported auto parts could hit consumers in unexpected ways: higher repair costs, insurance premiums and even the theft of more cars for their parts, the industry said. Mechanics' tools are seen at a garage in San Diego, California April 17, 2014. REUTERS/Mike Blake U.S. President Donald Trump’s administration has launched an investigation into whether auto imports pose a national security threat and threatened to slap the tariffs on cars from the European Union and elsewhere. A coalition of auto insurance groups said in previously unreported comments that hiking tariffs on imported auto parts by 25 percent could increase costs by 2.7 percent, or $3.4 billion annually, for personal auto insurance premiums. The U.S. Commerce Department will hold a hearing about the matter on Thursday. Consumers will bear virtually all the higher repair costs, said the American … [Read more...] about U.S. tariffs may raise cost of insurance, parts, drive up auto thefts
No matter how diversified Detroit’s economy has become, the auto industry is its soul. The same can be said about Pittsburgh and steel or Houston and oil. But while the Twin Cities has been the heart of certain industries throughout the years — the flour mills at the turn of the 20th century, the computer industry in the 1970s and ’80s, even the medical device industry now — its psyche is tied to its wide variety of business headquarters. “Even as industries rise and fall, you’ve got these headquarters here that create an ecosystem of smaller businesses and skills,” said St. John’s University economics professor and historian Louis Johnston. Headquarters draw talent and entrepreneurship to the region, increase civic investments and participation, and bring the kind of economic stability and vitality that land cities and states on those ubiquitous best-of lists and rankings. “Headquarters are critical to our future,” said Mark … [Read more...] about Companies come, companies go. Do headquarters still matter?
WASHINGTON, April 24, 2018 (GLOBE NEWSWIRE) -- Eighty corporate boards joined the National Association of Corporate Directors (NACD), the authority on leading boardroom practices representing more than 18,000 board members, during the first quarter of 2018. These new member boards join 1,300 others enrolled and actively participating in NACD membership. The new boards span a wide range of industries: automotive, banking, building materials, chemicals, computer software, construction, consulting services, consumer products, education, electronics, energy and utilities, financial services, food and beverage, government, health care, industrial equipment, information technology, insurance, manufacturing, metals, military, natural resources, pharmaceuticals, professional services, real estate, retail, semiconductors, telecommunications, and transportation. Of the 80 boards, 52 are from public companies, 17 are from private companies, and 11 are from nonprofit organizations.NACD membership … [Read more...] about Citigroup Inc., Genesis Healthcare, Molson Coors Brewing Co., Tempur Sealy International, Overstock.com, and 75 Other Companies Join NACD in Q1 2018