With the announcement of autonomous cars and their progressive implementation, there have been some questions that have arisen regarding the future of the insurance industry. While innovation is imminent in this area, safety concerns and rate increases are still topics for discussion.
Self-driving cars are supposed to reduce accidents on the road and improve the driver’s experience, but they don’t seem cheap enough to massively introduce them on the streets in the short term. From the insurers’ perspective, liability insurance and the insurance demand are still unclear even though the industry is not going anywhere.
In this occasion, Karim Jernite, Co-Founder of Advancio and Monica Adwani, Partner of Savvital and podcaster of TranscendWithM, shared with us their insights about The Impact of Self-Driving Cars on the Insurance Industry in our Tech Talk. Furthermore, they covered several topics like autonomous car insurance and liability, cost of insurance rates, the challenges of their implementation, and more.
Ready to grab a coffee and see what you can expect for the insurance industry‘s future? Let’s start!
Topics We Covered in This Talk about Self-Driving Cars and Insurance Industry
- 2:56 Introduction
- 5:13 How is the insurance industry preparing for self-driving cars?
- 7:59 Who will insure self-driving cars: the manufacturer, the service provider, or the owner? How an accident would be managed?
- 13:10 How safe are autonomous cars in terms of passenger security and secured software?
- 17:56 How would self-driving cars impact the cost of car insurances? How will data play a big role in rates?
- 22:55 In the bigger picture, what is the implication of autonomous cars in the insurance industry? Would these cars require some guarantee of insurance beyond technology functionality, or the industry may disappear?
- 25:20 Can the industry expect to be at risk in the short term with the high costs of this advanced technology and its short range in users?
- 26:47 Who will be the biggest beneficiary of self-driving cars? The industry or the companies?
- 30:36 Q&A: Who Is Ahead in the Race to Sell Autonomous Cars and What They Are Doing to Achieve This?
- 32:12 Q&A: Currently, what’s the biggest obstacle or challenge in self-driving?
- 37:22 Q&A: When Will Autonomous Cars Become Affordable?
- 38:34 Q&A: When Will Self-Driving Cars Legally Be Possible?
- 41:09 Outro
So, with a long experience in the insurance industry, Advancio offers you advice and resources to boost your customer service, claim management, and more. Find out more about what we do here! Therefore, if you’re ready to work with us, click the button to talk with the host Jay!
