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Following the improved loss experience expected with autonomous vehicles, the amount of premium in urban areas will likely decline first, followed by suburban areas, and then rural areas figure 11. Regional insurers should assess the rate of change in their portfolio, while national insurers may choose to focus on building their brand and book in more densely populated geographies and determining whether geographic vehicle preferences could skew loss experience. However, insurers that have priced their business adequately now could see higher short term profits depending on how quickly loss experience improves. Granted, how long that can be sustained is questionable—since personal auto liabilities are relatively short tailed, improved loss experience will hit ratemaking analyses quickly. Not only will regulators likely push for insurers to reduce rates due to system transparency—the market should re equilibrate to favor vehicles with autonomous features. Insurers that are able to adapt their underwriting guidelines and rating algorithms to better attract and price favorable risks and account for these new technologies stand to gain the most.
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Employment opportunities should be highest for independent auto insurance agents as insurance companies increasingly outsource their work to brokerages. Candidates with demonstrated sales ability, formal training, and a broad knowledge of insurance products may have an advantage. Auto insurance agents can be paid on salary, commission, or a combination of both; in 2015, the median annual earnings for insurance sales agents were $48,200, according to the BLS. Discounts apply to select coverages only and vary by state and insurance company. Not all discounts available in each state. Subject to eligibility requirements. 2Optional coverage that is available for additional cost. Coverage applies to certain covered total losses for certain covered autos subject to titling, purchase, loss occurrence time period and mileage requirements. Coverage is subject to all policy terms, conditions, exclusions and limitations. Insurance underwritten by one of the following companies: Auto Club Insurance Association, MemberSelect Insurance Company, Auto Club Group Insurance Company, Auto Club Property Casualty Insurance Company, Auto Club South Insurance Company, Auto Club Insurance Company of Florida, or non affiliated insurance companies.