It’s becoming clear that our highways to the future will be paved as much with technology as with asphalt. And if we believe some auto makers, self-driving vehicles hold potential to unravel traffic congestion and allow today’s weary drivers to relax as passengers. Beyond the technology’s promise for increased safety and efficiency, self-driving vehicles are anticipated to cause unprecedented change to the auto insurance industry. The strong implication is that automated cars and trucks will alter the way insurers handle underwriting and claims.
Executive SummaryA representative of ISO shares some of the results of a recent survey of insurers about the threats and opportunities posed by self-driving vehicles. Among the findings: Nearly half expect their businesses to feel a significant impact from these vehicles in six-to-10 years but only half are discussing the ramifications internally, and one-third haven't addressed them all.
To better understand the insurance industry’s perspectives on automated vehicles, ISO, a Verisk Analytics business, conducted the ISO Automated Vehicles Survey, capturing comprehensive feedback from approximately 400 carrier participants. Results from the survey bring focus to many of the opportunities, perceived threats, and strategic and operational considerations under review by key insurance professionals. The survey revealed a general uncertainty that many insurers face as they try to better understand what automated vehicle technology means to the insurance industry in both the short and long term.
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