Accenture shows that far from declining, auto premiums will rise as cars largely replaced by autonomous vehicles.
But to exploit that insurers will need to:-
- Develop big data & analytics expertise
- Begin the actuarial and modelling process
- Explore the partner ecosystem
- Think about new business models
Accenture "Over the next five to ten years, the need for cyber insurance and product liability insurance on vehicles will outpace the decrease in individual premium revenues. Insurers taking preemptive steps now to convert this opportunity will be in a much better position to succeed as the autonomous vehicle revolution continues and world shifts to this new mode of transportation."
Link to download the full report below
The threat posed to traditional automobile insurers by the rapid evolution of autonomous vehicles is real, but so is the $81 billion opportunity represented by new forms of cyber, product liability and infrastructure insurance.
unknownx500
