*By Christian Smith* Car-sharing and ride-hailing companies have changed the way we get around ー and now they're about to change the way we buy car insurance. In an interview with Cheddar at CES 2019 in Las Vegas, Nev., Allstate ($ALL) CEO Tom Wilson said that simply insuring your car will become a thing of the past, since many consumers are increasingly ditching the buy-and-drive model. Since many Americans will continue to drive cars they don't actually own, Wilson said insurance will need to reflect that reality. "What's going to happen in the future, I think it's going to be split," Wilson said. "Insurance right now follows the car," he said. "But you should have insurance for what you do as a driver." The dual insurance model to which Wilson is referring doesn't mean insurance costs will necessarily rise. According to Wilson, Allstate tracks 8 billion miles of data a month, which the company is using to give customers more accurate pricing relative to their driving records without any guesswork. As is, the car insurance industry was built on a personal transportation system that is "really inefficient, and it needs to be changed," Wilson said. "We see it as an opportunity, not a risk," he said of the challenge ahead to adapt his business. Allstate also launched a new expansion of the insurance company's identity protection product that will help customers track their digital footprints. The new feature will allow users to see who is tracking their data, send alerts when those groups have been hacked, and help determine a way to delete data from those third parties ー all of which Wilson said will help give power back to the consumer. "We've traded away our individual information without really knowing what it's worth," Wilson said. "What we're trying to do is empower the customer to take control of their digital life." For full interview [click here](https://cheddar.com/videos/allstate-unveils-new-product-to-help-users-track-digital-footprints).

Share:
More In Business
Starbucks’ Change Flushes Out a Debate Over Public Restroom Access
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
Trump Highlights Partnership Investing $500 Billion in AI
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
Load More