Insurers Preparing for a World of Autonomous Vehicles
Posted on Jul 28, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Insurers Preparing for a World of Autonomous Vehicles
When autonomous vehicles become ubiquitous, what will be the need for car insurance? That is the question auto insurers are beginning to face as autonomous vehicle technology promises safer roads and fewer accidents. At least one insurer, State Farm, is participating in research on driverless car equipment through collaboration with automakers and suppliers at the University of...
Cybersecurity Best Practices in the Auto Industry
Posted on Jul 26, 2016 in Industry News | Comments Off on Cybersecurity Best Practices in the Auto Industry
The Automotive Information Sharing and Analysis Center (Auto-ISAC) has released cybersecurity best practices to protect against risks in the auto industry. Auto-ISAC identified seven functions that cover the various ways in which cybersecurity threats affect the “motor vehicle ecosystem”: governance, risk assessment and management, security by design, threat detection and protection,...
Cybersecurity and Allocation of Liability Are Top Concerns Among Risk Managers
Posted on Jul 21, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Cybersecurity and Allocation of Liability Are Top Concerns Among Risk Managers
A recent survey conducted by Munich Re found that, where autonomous vehicles are involved, the top concern for corporate risk managers is cybersecurity. More than half of the corporate risk managers surveyed (55%) named cybersecurity, which included potential hacks into a vehicle’s data system and the failure of “smart road infrastructure,” as their number one concern. Mike Scrudato,...
Insurers Should Actively Monitor Automated Driving Technology Developments
Posted on Jul 20, 2016 in Technology Impacting Auto Insurance | Comments Off on Insurers Should Actively Monitor Automated Driving Technology Developments
Automated technology will bring both new challenges and new opportunities for insurers. Although insurers may face the challenges associated with a shrinking market where manufacturers absorb more liability risk, insurers also have new opportunities. For example, such opportunities include new and innovative ways to develop joint partnerships, like Japan’s Toyota Motor Corp’s and Aioi...
Tesla on Autopilot Crashes in Montana
Posted on Jul 12, 2016 in Technology Impacting Auto Insurance | Comments Off on Tesla on Autopilot Crashes in Montana
A Tesla Model X traveling from Seattle to Yellowstone National Park on July 9th crashed on a two lane highway near Cardwell, Montana. The motorist and his passenger acknowledged that the vehicle was on Autopilot mode at the time of the collision and that his hands were not on the wheel at the time of the accident. In response to the accident, Tesla issued a statement stating that the...
