EXPERT FORECAST : BANKING AND FINANCE
Andrew Ponter , Insurance Product Manager , LexisNexis Risk Solutions , UK and Ireland
Even before the pandemic arrived , PwC predicted back in 2018 that nearly a third of kilometres driven will involve some form of shared vehicle arrangement by 2030 .
Insurance clearly needs to evolve to respond to these changing needs . When we asked consumers what they feel about NAPs , we found the interest in these products and overall awareness is high . Quite encouragingly , around nine out of ten people surveyed had heard of a Non- Annualised Policy – whether that ’ s a pay as you go type product , a subscription-based product or a temporary policy .
What was particularly interesting was that over a third of drivers ( 36 %) who have never previously used a NAP would be interested in buying one in the next 12 months with pay-as-you go type policies
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