Are you prepared for major disruptions to motor vehicle insurance?

There is little doubt that the widespread adoption of autonomous vehicles will have a huge impact on the automobile insurance industry.

The NIBA Convention session, ‘Driverless Vehicles and the Future of Motor Insurance’ will shed light on future disruption and opportunities.

David Hosking, Chief General Manager Broker and Agency, Allianz Australia says, “The way we travel from A-to-B is undergoing a significant transformation.  Changing customer lifestyle needs, technological advancements and regulatory trends are fuelling a new ecosystem of mobility; one that will change the relationship we have with the cars we drive right through to how, as an industry, we price risk.”

At the Convention one of our nation’s most respected futurists and business technologists, The Lessons School Forgot author Steve Sammartino will canvass three key areas that will disrupt motor vehicle insurance, uncover where the opportunities lie for motivated brokers to leverage incredible opportunities, and address the pressing question: How long do we have until AI replaces humanity?

Research conducted by Accenture estimates that insuring autonomous vehicles is a $81 billion opportunity in the US between now and 2025. Cars with driverless features are already on the road in Australia and self-parking technology and accident prevention systems are already being fitted into vehicles on the market

Australia’s first autonomous vehicle trial kicked off in 2016 in Perth with the launch of an electric shuttle bus which is currently open to the public. Victoria, New South Wales and Queensland have all made it possible for autonomous vehicles to be tested on their roads.

The shift to autonomous vehicles will cause dramatic changes in how insurance premiums are generated. Estimates are that claim frequency could drop significantly when compared to claims for vehicles driven by humans.

Catch Sammartino from 3:50pm in the Plenary Hall on September 4 at Hotel Grand Chancellor, Hobart.