⁍ ‘We’re building a great, like a major insurance company,’ CEO Elon Musk told investors on Tesla’s second-quarter earnings conference call.

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⁍ Musk’s interest in offering a cheaper insurance product to Tesla owners isn’t new.

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⁍ For years, drivers have complained of higher costs, mostly due to more expensive fixes on the cars.

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⁍ By the end of the year, Tesla hopes to launch insurance in a handful of US states with plans to eventually offer plans nationwide.

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– Tesla’s first attempt at offering insurance to its owners didn’t go well, but CEO Elon Musk says the company is building a “great, like a major insurance company,” with plans to offer insurance in a few states by the end of the year. “Ultimately, where we want to get to with Tesla Insurance is to be able to use the data that’s captured in the car, in the driving profile of the person in the car, to be able to assess correlations and probabilities of crash and be able then to assess a premium on a monthly basis for that customer,” he said during a conference call with investors Wednesday, per CNBC. “I would love to have some high energy actuaries, especially,” he added. “I have great respect for the actuarial profession. Your guys are great at math. Please join Tesla, especially if you want to change things and you’re annoyed by how slow the industry is. Tesla is the place to be. We want revolutionary actuaries.”