Autonomous vehicle revolution shaking-up insurance
The potholes plus dirty road signs pushing the brakes on mass rollout of autonomous vehicles on UK roads are examined in the latest Insurance Post Podcast.
Andrew Ballard, product principal of LexisNexis Risk Solutions, Niall Edwards, partner at Kennedys, Mark McDonald, personal lines insurance director of Altus Consulting, and Tom Pitney, head of corporate motor at Aviva, came into Insurance Post’s studio to explain what data is being studied to understand how to underwrite insurance for self-driving vehicles and mitigate risks for policyholders.
Reflecting on the current state of the AV insurance market, McDonald said British insurers are leading the way on data standards available if there is an accident but more needs to be done to make the most of the swathes of information autonomous vehicles produce when driverless compared with when a human motorist is in charge.
Edwards pointed out a number of AV trials are currently going on in this country, plus information is being drawn in from other jurisdictions, to achieve clarity on how these vehicles work “in a common language” that will ensure insurers can support AVs appearing across the UK sooner rather than later.
On how mass rollout of AVs could transform the insurance industry, Aviva’s Pitney said while the insurer isn’t seeing shifts in ownership just yet the provider is monitoring whether an uptick in the cost of cars due to the amount of technology on board could result in more motorists hiring rather than buying a set of wheels in the future.
On Aviva’s plans for this cover, he said: "We are on the road to automation. There are specific cases that will be easier to automate than others. If you look at the products we offer we will evolve those in line with what those exposures are."
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