One of the things I love about the insurance industry is that it is constantly changing. While that may create headaches for some of our readers, as an editor covering the business of insurance, it provides a myriad of topics to constantly watch. From cyber threats to fraud, Worker's Comp, subrogation, fracking, wildfires, and flooding to earthquakes and luxury yachts, the topics are endless and fascinating.
Nowhere is this truer than in the field of auto claims. Technology is changing how vehicles operate (human drivers are on their way to becoming optional), cameras and sensors are preventing accidents, and insurance can be purchased online, while claims can be filed from an insured's cell phone. All of these factors will have a definite impact on the world of auto insurance.
Just as technology has permeated every other aspect of insurance, it is changing how cars are driven, how they will be insured and who will be liable if there is a crash.
With the advent of autonomous cars, product liability takes on new prominence with some manufacturers saying they will accept liability if their vehicles malfunction. Does this mean that a driver who is watching his phone while behind the wheel will not be liable in the event of an accident because his autonomous car failed to yield the right of way and he was oblivious to the oncoming car? New car technology is operating under the old rules of auto insurance. Like the legal system and state legislatures, the insurance industry will have to adapt and update its policies and procedures to address the new technology.
And as vehicles become more advanced with their cameras and the proliferation of automotive technology such as windshields that have rain sensors and automatically turn on the headlights and wipers, the claims involving these vehicles will become more complex and involve new methods for adjusting them. Repairs will also require additional steps to ensure all computers have been reset and the technology is operating correctly.
Our cover story this month addresses many of these issues — the challenges and changes the industry faces and suggestions on how to effectively manage these new risks. There will also be more information on some of these issues at the America's Claims Event in Minneapolis, Minn., on June 22-24, where we'll discuss accident reconstruction, telematics, and exposures with autonomous vehicles. Check out the full agenda and register online at www.americasclaimsevent.com. Our loyal readers get a special discount, so use the CLAIMS1 code when you register.
Hope to see you there!
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