Autonomous vehicles come with the promise of sustained mobility and fewer accidents due to advanced safety features and avoidance of human errors. Autonomous vehicles will challenge the relevance of traditional insurance products, and the biggest question for the insurance industry will be the product vs. personal liability issues.
Goals and Objectives
Design innovative products that leverage the power of data to address specific situations (i.e., whether the vehicle was in autonomous or manual mode during accident, or whether it was parked or being driven to establish liability). Bundle liability coverage with cyber-risk coverage to address the security requirements of connected ecosystems. Build/hire new underwriting and claims handling talent who can tackle new kinds of risks and liability.
Big Data, Advanced analytics, Cloud, Cognitive technologies, Next-gen security, Collaborative clouds, Automated underwriting systems
Use Case Summary
Prepare the organization to meet the unique insurance coverage requirements of autonomous vehicles. Equip the organization for a future that would demand joint responsibility for data by various stakeholders in the insurance ecosystem such as insurers, car manufacturers, repair shops, and law firms to offer great insurance experiences for the owners and users of autonomous vehicles.