“ In the face of escalating environmental risk , insurance companies must embrace technology as a strategic imperative ”
SONNY PATEL CHIEF PRODUCT AND TECHNOLOGY OFFICER , SOCOTRA
The impact of these developments is already being felt in the market . According to the Society of Motor Manufacturers and Traders ( SMMT ), there were one million electric vehicles on UK roads as of April 2023 , indicating a growing consumer demand for sustainable transport options . This trend is likely to influence the development of new insurance products tailored to the unique risks associated with electric vehicles .
Challenges and opportunities As the insurance industry continues to evolve , the integration of ESG factors is becoming increasingly sophisticated .
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