Do Progressive And Geico Need To Think Like Hurricane Insurers When It Comes To Self-Driving Cars?

#Discussion(General) [ via IoTGroup ]

The current state of the $200 billion automobile insurance industry consists predominantly of sales to the consumer, either directly or through intermediaries, and the subsequent risk assessment of human drivers and their vehicles.
As one of the original consumers of massive amounts of data, insurance companies such as Progressive and Geico have used that information in the underwriting process.
Much like modern machine learning or artificial intelligence, insurance companies collect accident data and find correlations to manage risk.
The next leap in insurance underwriting was the usage-based model, where drivers could share driving behavior to reduce insurance costs with devices such as Progressive’s Snapshot.
In this model, driver behavior can be tracked in greater detail and this data can lead to better underwriting solutions.
The technologies can be separated into three categories — driver safety, driver failsafe and driver augmentation.
Driver safety technologies aid the human driver task, so the underwriting treatment is just reflected in the accident data for the driver.
The most interesting of these are the driver augmentation technologies, which start entering the gray area in terms of driver underwriting and automobile algorithm risk assessment.
Table 1: Safety Technologies for Insurance Rahul Razdan
The Advanced Driver Assistance Systems (ADAS) form a shift toward autonomous vehicles, which starts disrupting the automobile insurance industry.

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