An Acceptance Approach for Novel Technologies in Car Insurance

Nemanja Milanović, Miloš Milosavljević, Slađana Benković, Dušan Starčević and Željko Spasenić
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Nemanja Milanović: Faculty of Organizational Sciences, University of Belgrade, 11000 Belgrade, Serbia
Miloš Milosavljević: Faculty of Organizational Sciences, University of Belgrade, 11000 Belgrade, Serbia
Slađana Benković: Faculty of Organizational Sciences, University of Belgrade, 11000 Belgrade, Serbia
Dušan Starčević: Faculty of Organizational Sciences, University of Belgrade, 11000 Belgrade, Serbia
Željko Spasenić: Faculty of Organizational Sciences, University of Belgrade, 11000 Belgrade, Serbia

Sustainability, 2020, vol. 12, issue 24, 1-15

Abstract: Background: Unlike other financial services, technology-driven changes in the insurance industry have not been a vastly explored topic in scholarly literature. Incumbent insurance companies have hitherto been holding their positions using the complexity of the product, heavy regulation, and gigantic balance sheets as paramount factors for a relatively slow digitalization and technological transformation. However, new technologies such as car telematic devices have been creating a new insurance ecosystem. The aim of this study is to assess the telematics technology acceptance for insurance purposes. Methods: The study is based on the Unified Theory of Acceptance and Use of Technology (UTAUT). By interviewing 502 new car buyers, we tested the factors that affect the potential usage of telematic devices for insurance purposes. Results: The results indicate that facilitating conditions are the main predictor of telematics use. Moreover, privacy concerns related to the potential abuse of driving behavior data play an important role in technology acceptance. Conclusions: Although novel insurance technologies are mainly presented as user-driven, users (drivers and insurance buyers) are often neglected as an active party in the development of such technologies.

Keywords: car insurance; insurance technologies; Internet of Vehicles; telematics; technology acceptance; sustainable insurance (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:12:y:2020:i:24:p:10331-:d:459987

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