Autonomous Vehicle Insurance: Time to Act

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Insurers failing to actively shape legislation and regulation regarding autonomous vehicles are making a mistake: Aite Group study

Boston, MA (Nov. 21, 2017) — Aite Group’s latest report, Autonomous Vehicle Insurance: Time to Act, discusses original equipment manufacturers’ progress toward automated vehicles, the challenges facing insurers, and consumers’ attitudes. Consumers remain wary of the concept of AVs, and if forced to choose, only 11% of consumers would pick a car with no steering wheel. Even so, OEMs and tech companies are racing to deliver vehicles with autonomous capabilities, and this technology will become mainstream in the next decade or two.

“Car manufacturers are accelerating their march toward higher levels of autonomous functionality,” says Gwenn Bezard, research director at Aite Group. “In many countries, though, insurers have not yet developed a consensus position on how legislation and regulation surrounding auto insurance should evolve. It’s time to act.”

This report is based on over 40 interviews with insurers, OEMs, vendors, and regulators across North America and Europe conducted between August and November 2017, and on Aite Group’s microsurveys of online U.S. consumers conducted in October 2017.

About Aite Group

Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

Source: Aite Group

 

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