Shaun Crawford, Global Insurance Leader EY, has added an expert insurance opinion to the autonomous car conversation (see below).
The EY Automotive Site is another fantastic example of a professional services firm owning a niche.
With Google leading the autonomous car race and Uber launching the first fully driverless car scheme in Pittsburgh last week the legal, regulatory and insurance implications are beginning to trend. The signs of development beyond cars is already beginning closer to home in Oxford. The Oxford University spinout, Oxbotica, has developed a robotic brain that has the vision beyond autonomous cars with the potential to be used in anything that moves.
Olswang have recently setup a dedicated Autonomous Car site in a bid to own this niche from a legal perspective. Similar to Shaun the Instech London community are also increasingly owning this from an insurance technology perspective, inviting expert contributors across a broad range of organisations to comment. The TOM innovation Council are also developing a digital strategy in this area too.
Who will be the first accounting and insurance firm to own the Autonomous Cars online go-to resource?
New risks will require changes to traditional insurance industry business models. Some of the other implications include: In most countries, personal vehicle insurance is compulsory, keeping premiums artificially low. In an AV world, personal insurance may become voluntary – similar to mobile phones, bicycles or laptops. This could lead to pricing adjustments for individuals who insure their vehicles. If vehicle crashes decline when AVs are in automated driving mode, premiums may rise for individuals driving in manual mode. This might price some individuals out of the market, particularly those less able to afford them. Cyber risk offers the potential for malicious hacking of systems through which driverless cars receive instructions. Disrupting internet connectivity could wreak havoc or leakage of private user information. AV service providers and manufacturers must deliver robust cybersecurity processes to reassure customers.