Studienarbeit aus dem Jahr 2016 im Fachbereich BWL - Bank, Börse, Versicherung, University of Westminster, Veranstaltung: MSc Finance, Banking and Insurance, Sprache: Deutsch, Abstract: The future may be uncertain and hard to predict, but it should not be hard to prepare for. Internet and other digital platforms have transformed the way people interact and how they do business in almost all sectors of the economy. This has led to far-reaching challenges and innovations that could have an impact on both current and future of numerous economic sectors. In insurance, for instance, a sector which has remained largely the same for more than three decades, it has a great influence on its value chain right from production, sales and distribution to claims and payments. This report examines self-driving cars, a digital innovation involving vehicles with the capacity to sense their environment and navigate through the pathways without human driver inputs. Their ability to analyze sensory data that in return enables them distinguish between different cars in the road increases driving efficacy and as a result likely to alter current state of both automobile and life insurance industry substantially because of the likelihood that their adoption will significantly reduce the number of traffic accidents as majority of road accidents traditionally are perceived to be caused by driver error/negligence consequently shrinking insurance bills and claims for customers. This study further examines how this innovation (autonomous cars) would influence insurance markets/business while exploring the various responses which the insurance industry has/will put in place to help cope with these changes in the future to enable them to remain sustainably relevant in the market.

This book focuses on the global landscape in which insurance is transacted, and where it is evolving, driven from within by transformative technologies and externally by the necessity to address risks like climate change and health crises, such as the COVID-19 pandemic. It discusses the dynamic challenges and opportunities that lie ahead for the industry in areas such as on-demand insurance, embedded insurance, parametric insurance, autonomous vehicles, the rise of fintech, the cyber risk landscape and through initiatives driven by distributed ledger technology or blockchain solutions. Moreover, it covers the major external challenges confronting the global insurance market, such as the growing insurance protection gap in relation to the affordability and insurability of natural catastrophes and climate change, and pandemics like COVID-19. This book examines innovations in insurance driven by the industry as well as externally imposed changes and dynamics impacting the industry. It describes these changes, the industry’s responses and the legal framework in which they occur. It canvasses additional regulatory and law reform initiatives that may be necessary to achieve an effective balance between the various competing interests. The book is the first to address these matters holistically with a particular focus upon insurance law, it will describe these changes and industry responses and the legal framework in which they occur. The Global Insurance Market will be directly relevant to legal professionals, insurers, insurtechs, fintechs, brokers, CEOs of insurance companies, risk managers, legal counsel, academics, researchers, the judiciary, and policy makers. It will also serve as a valuable resource for students of all levels.

As technology revolutionizes the way cars are being built and driven, the fully autonomous-vehicle is born, an automobile that can sense traffic and environmental conditions and operate without human assistance. This will transform the automobile industry, and more specifically the automobile insurance industry. With the introduction of self-driving cars on the road, there are potential risk factors that need to be addressed and safety measures that need to be implemented before these vehicles can be sold to consumers and businesses in the market. This paper focuses on the impact of autonomous vehicles on automobile insurance for consumers, insurers, and manufacturers. As autonomous vehicles are introduced, personal cars will transform into a creative space for consumers that offer more options for customization. Ridesharing is also gaining increasing popularity in cities where personal vehicles are the primary mode of transportation. Autonomous ridesharing offers accessibility and convenience for customers and long term economical savings for businesses. The transition to fully autonomous vehicles on the road will take time, so the goal is to develop affordable insurance for consumers and businesses. These policies will aim to estimate losses and claims for insurers, set reasonable premiums, and evaluate potential changes in underwriting in order to assess the ultimate impact on the insurance industry.

"RAND social and economic well being"--Title page.

The technology and engineering behind autonomous driving is advancing at pace. This book presents the latest technical advances and the economic, environmental and social impact driverless cars will have on individuals and the automotive industry.

The implementation of autonomous vehicles, or self-driving cars, promises to radically change much of the normal way of life. While it may seem inconsequential to start small with a vehicle of relatively low level of automation, there are many factors to consider. Some of these factors include security, moral dilemmas, and even the insurance field. One can look back at previous implementations of new technology, such as air bags, and see that it can be difficult to predict consequences and adapt. However, actuaries have been suggesting solutions to make autonomous vehicles a safe reality. While the solutions may vary, one thing is clear: communication between the vehicle and the insurance field is imperative.

Automotive industry is going through a technological shock. Multiple intertwined technological advances (autonomous vehicle, connect vehicles and mobility-as-a-Service) are creating new rules for an industry that had not changed its way of doing business for almost a century. Key players from the tech and traditional automobile sectors – although with different incentives – are pooling resources to realize the goal of self-driving cars. AV innovation by auto and tech companies’ innovation is still largely home based, however, there is some shifting geography at the margin. AV and other related technologies are broadening the automotive innovation landscape, with several IT-focused hotspots – which traditionally were not at the center of automotive innovation – gaining prominence.