Over the coming decade cars, as we understand them today, will evolve into semi-automated vehicles. Advanced Driver Assistance Systems (ADAS) are expanding to offer safety and convenience features like automated driving in stop/go traffic, intelligent cruise control on the highway, and self-parking. In the longer term, automakers and technology companies see the potential to replace human drivers with self-driving vehicles. Fully automated vehicles promise to reduce accidents dramatically and will do more to disrupt personal mobility than any other innovation since the internal combustion engine.
The implications for the insurance industry are profound.
In the medium-term, conventional cars will share the roads with semi-automated vehicles and the first self-driving products. Collisions will increasingly involve a mix of personal (human driver) and product (automaker) liability. The established ways of determining risk, pricing and claims will cease to be relevant. As accidents reduce, the resulting drop in industry loss costs will likely shrink the overall size of the auto insurance market, trigger consolidation in the personal lines space, attract new competitors, and bring about revolutionary changes within carriers.
Insurers need to act now to re-structure their offerings, differentiate themselves and gain a first-mover advantage in what will be a very different auto insurance market.
With leading experts from the automotive and insurance worlds together in one forum, the IAV conference will help you to:
- deepen your understanding of the driverless technologies that are coming, likely timescales and adoption rates;
- evolve new methodologies for handling risk, liability and claims;
- develop retail and corporate product offerings that make sense in the era of highly automated driving and personal mobility-on-demand.
Join us for this international meeting and get the insights and strategic partnerships your business needs, not merely to survive, but to prosper.
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