The industrial manufacturing sector is no stranger to leveraging automation to increase efficiency and control costs. However, the pace of change in technology today means companies must carefully plan how they will manage new and emerging risks from those new technologies. Insurance companies, agents and brokers can play a vital role in this effort.
For more than 50 years the industrial manufacturing sector has embraced robots and automation, ever since the first industrial robot began working with heated die-casting machines in 1961. Automation has become so commonplace in manufacturing that widely recognized industry standards and guidelines concerning the integration and safe use of industrial robots have been put in place.
Meanwhile spending on automation continues to grow. Worldwide, spending on robotics is expected to balloon to around $67 billion by 2025, according to the Boston Consulting Group, with 24% of the spending expected to come from the industrial sector.
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