Insurance and takaful companies see higher profit

At L5, the vehicle will no longer require a driver throughout its journey. A myriad of integrated sensors such as radar, light detection and ranging, global positioning system, odometry sensors, and intelligent cameras along with advanced machine learning and processing systems will work seamlessly together to drive the vehicle more consistently and safely than humans.

PETALING JAYA: Insurers and takaful companies, whose bottom lines have been tapering, are set to see an improvement in their earnings following the implementation of the free-pricing mechanism of motor insurance on July 1, thanks to technological initiatives.

Analysts told StarBiz that the various digital initiatives such as telematics in the general insurance space will reduce operational costs and the claims ratio and improve earnings going forward.