Big Brother Is… Underwriting?
Posted on Apr 7, 2017 in Technology Impacting Auto Insurance | Comments Off on Big Brother Is… Underwriting?
Speakers at the Casualty Actuarial Society’s Ratemaking and Product Management Workshop recently commented that as the internet of things spreads and encompasses devices in vehicles and homes, underwriters for personal lines insurance companies must begin to take into account “exposure data tracking.” With respect to auto insurance, carriers now have access to sensors that can track...
After Crash, Uber Suspends Autonomous Vehicle Pilot Program
Posted on Mar 27, 2017 in Industry News, Technology Impacting Auto Insurance | Comments Off on After Crash, Uber Suspends Autonomous Vehicle Pilot Program
Uber has suspended its pilot program for autonomous vehicles after a crash in Tempe, Arizona. At the time of the crash, the car was in self-driving mode, though there was a human driver behind the wheel. The SUV was hit when another vehicle failed to yield, leaving the SUV on its side. Pending an investigation into the crash, Uber’s self-driving program has been suspended in...
American Workers Most Likely To Be Replaced by AI
Posted on Mar 27, 2017 in Industry News, Technology Impacting Auto Insurance | Comments Off on American Workers Most Likely To Be Replaced by AI
A recent report by PwC puts U.S. workers at the highest risk of being replaced by artificial intelligence over the next 15 years. The report–which covered the U.S., the UK, Germany, and Japan–determined that the risk of replacement affects 38% of U.S. jobs, compared to only 35% of German jobs, 30% of UK jobs, and 21% of Japanese Jobs. According to the report, it is the...
Colorado Senate Passes Autonomous Vehicle Bill
Posted on Mar 24, 2017 in Technology Impacting Auto Insurance | Comments Off on Colorado Senate Passes Autonomous Vehicle Bill
The Colorado Senate has passed a bill establishing a general framework for autonomous vehicle regulation. The draft legislation, Senate Bill 213, requires driverless vehicles to be “capable of complying with every state and federal law” applicable to the vehicle. Non-compliant vehicles must coordinate testing with the Colorado Department of Transportation and State...
Tesla Considering All-Inclusive Packages
Posted on Mar 2, 2017 in Industry News, Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Tesla Considering All-Inclusive Packages
Tesla is now contemplating an all-inclusive package, wherein the price of the car would include insurance and maintenance during the duration of ownership. In fact, Tesla’s Asian customers are offered a package that already covers certain car ownership expenses. Those packages include a customized insurance product that covers Autopilot and maintenance costs. The deals do not exclude...
DOT Designates 10 Driverless Car Testing Sites
Posted on Feb 22, 2017 in Technology Impacting Auto Insurance | Comments Off on DOT Designates 10 Driverless Car Testing Sites
The U.S. Department of Transportation has designated ten “proving grounds” to encourage the safe testing of driverless vehicles. These testing areas, which were chosen from a pool of more than sixty applicants, encompass a diverse geographic area, ranging from Pittsburgh to San Diego. The groups operating the sites will collaborate on best practices for the safe testing and operation...
