Category Archives: Technology

How The Rise of Autonomous Vehicles Will Impact Auto Insurance

Understanding the future of insurance in a world of autonomous vehicles is highly relevant for insurance carriers today. Auto insurance, like cyber insurance and new parametric products, will impact traditional lines of business with the rise of autonomous vehicle technology. Most carrier executives point to it as the industry’s key prospective destabilizer.

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Travelers Joined the Advanced Vehicle Technology (AVT) Consortium at MIT

The Travelers Companies has joined the Advanced Vehicle Technology (AVT) Consortium, organizations like auto manufacturers, insurance carriers and automated vehicle technology companies working to advance research automated vehicle technologies. The organization studies driver behavior and shares data to improve automated vehicle and driver assistance technologies.

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Driver Error and Tesla Autopilot to Blame for 2018 Crash

According to the National Transportation Safety Board (NTSB), driver errors and Tesla’s Autopilot design may be the cause of a crash involving Tesla’s Model and a parked fire truck in California. The NTSB cited the driver’s “inattention and over-reliance” noting that the driver kept his hands off the wheel for the majority of a 13 minute and 48-second trip.

Tesla’s Autopilot was engaged during at least three fatal U.S. crashes. However, Tesla says their owners have driven billions of miles with Autopilot engaged and that its data “indicates that drivers using Autopilot remain safer than those operating without assistance.”

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Tesla Announced Launch of Its Insurance

Tesla announced the launched of its own insurance and claims that it will provide customers with lower rates because of the safety features in its vehicles. According to Tesla, “because Tesla knows its vehicles best, Tesla Insurance is able to leverage the advanced technology, safety, and serviceability of our cars to provide insurance at a lower cost.”

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Investigation into Minor Vehicle Collision Reveals Autonomous Vehicle Risks

The National Transportation Safety Board (NTSB) recently released results from its investigation into a minor collision involving an autonomous shuttle bus and a commercial truck in 2017. No one was injured in the crash; however, the incident did highlight some autonomous vehicle risks.

The autonomous shuttle operates on a predetermined route but does not have a steering wheel, brake pedal, or accelerator pedal. The attendant could only operate the shuttle using a hand-held controller which was not easily accessible when the incident occurred. A new policy was implemented that made the controller more accessible throughout a trip.

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Autonomous Vehicles’ Movement Towards the Mainstream

There have been many significant advances in autonomous vehicle technology around the world. Among those was a bill that was recently passed in Florida, allowing AV systems to operate on the streets without a human driver. Safety is among the main factors driving and slowing down the development of AV technology.

According to data from the National Highway Traffic Safety Administration (NHTSA), 94% of serious auto accidents are due to human error. However, autonomous vehicles have some of the same issues that people encounter. AV technology can be affected by weather, road markings, etc. that confuses the AV cameras and lasers, making it difficult to navigate certain areas.

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Drone and Aerial Imagery Key in the Wake of 2018 Natural Disasters

According to the Insurance Journal, drones and aerial imagery have become very important to the insurance industry as a result of natural catastrophes, particularly in the southeast region of the U.S. Drones allowed insurers to capture the impact of our most recent hurricanes and immediately get to work as claims poured in.

The use of drone imagery of the impacted hurricane areas increased by eight times between mid-August and mid-October 2018 compared with the same period in 2017.

It has become an integral part of claim handlers’ workflow along with the other processes that are already in place.

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Global Blockchain Expected to Grow in the Insurance Market

Insurance companies globally lose more than US$80 billion to fraud every year. A growing number of fraudulent insurance claims, increasing need to have transparent and trustworthy systems, and a focus on reducing the total cost of ownership will most likely drive the growth of the market.  A new study from ReportLinker projects global blockchain will have a compound annual growth rate of 84.9% between 2018 and 2023 ($64.5M to $1.393.8M) in the insurance market. The identity management and fraud detection segment are expected to hold the largest market size during that period.

The insurance sector of the Asia-Pacific (APAC) area is increasing its adoption of blockchain technology now and is expected to grow the fastest.

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Travelers Advocates Current Auto Insurance System for Autonomous Vehicles

Travelers Institute released a white paper expressing their view on autonomous vehicles (AVs) and the role the auto insurance industry should play in addressing the significant policy questions and challenges that will inevitably arise in the future. An insurer that has been around for more than 160 years, Travelers applauds the safety advances of AVs and believes that the current auto system can accommodate AVs and non-AVs.

Click here for the white paper.

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Roig Lawyers Partner Keith Hernandez Publishes Article in CLM Magazine on Autonomous Vehicle Technologies and its Impact on Insurance

ROIG Lawyers Deerfield Partner Keith Hernandez has published an article in CLM Magazine entitled “Keep Your Eyes Off the Road.” In the article, Keith discusses the emergence of autonomous vehicle technologies and its impact on traditional insurance.

Click here to read the entire article.

CLM Magazine is the premier source for content that addresses trends, topics of interest, and industry challenges for those in the claims and litigation management industry.

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