The safety and stability provided by autonomous vehicles can make insurers question the benefits they provide the industry. A recent study by Accenture and Stevens Institute of Technology estimates more than 23 million autonomous vehicles will be on U.S. roads by 2035. Throughout the next few years as we make this shift, the process for developing insurance premiums must be adjusted to accommodate new technology and capitalize on near-term opportunities.
“Insurers are bracing for long-term declines in auto premiums as new and safer autonomous vehicles gain adoption. However, our research suggests that auto premiums will increase before they decline on this trend, so insurers that can navigate the changing technology environment could win market share,” said John Cusano, global head of Accenture’s Insurance practice.Continue Reading