Most of the country has been awaiting the widespread rollout Tesla’s in-house insurance program — largely thanks to CEO Elon Musk’s claims that it would make insuring a Tesla much cheaper because it understood its customers better than a traditional insurer.
Fast-forward to the present day and the only state that has Tesla insurance, but this is more representative of a decision to improve the product than it is the company going in a different direction, according to Tesla CFO Zachary Kirkhorn during the company’s call.
A big chunk of Tesla’s plans for its insurance involves using the data that Teslas collect about how they’re driven to help build much more accurate and personalized actuarial information, thus making pricing more reflective of an individual user’s habits.
This process has taken longer than anticipated, and while customers (and investors) are waiting somewhat impatiently for the product to be offered on a broader scale, their wait might soon be over. Tesla is nearing completion of its first-phase data analysis and plans to make it through regulatory review in several states by the end of 2020.
Which states? We don’t know because Tesla didn’t say, but it does seem like the Big T is taking aim at the states with the strictest regulations first — like California — so once these initial markets are sorted, the rollout should happen quickly.
That’s all exciting for Tesla owners, but Elon Musk had even more to say about the insurance program — most notably that Tesla wanted to hire forward-thinking, revolutionary actuaries to make Tesla’s insurance more agile and adaptive to customer needs and habits.
Now, we’re not sure that “revolutionary actuary” isn’t an oxymoron, but if it’s not and you are one, then it’s time to get on the horn to Tesla.