Tesla is developing an insurance product, which could be launched in about a month, CEO Elon Musk said during a call with analysts Wednesday following its first-quarter earnings report.
“It will be much more compelling than anything else out there,” he said.
Musk didn’t provide further details on what the insurance product might look like, but it will most certainly place value on its Autopilot system, an advanced driver assistance system that is considered one of the most robust and at times, most controversial, in the industry.
Musk later added that Tesla already shares information with insurance companies about Autopilot. The information is meant to help reduce insurance rates.
“As we launch our own insurance product next month, we will certainly incorporate that information into the insurance rates,” Musk said.
Tesla has an “information arbitrage opportunity,” Musk said. The company is able to capture driving data, giving the company direct … Read the rest