The future is driving toward us, but no one is behind the wheel. Driverless—or autonomous—cars are not the stuff of science fiction. They are real, and they are making their way into our everyday commute.
These automated vehicles are another piece of the Internet of Things, leveraging connectivity and data to manage the way we transport ourselves. They will identify the best route based on current conditions, avoid traffic, obstacles and dangerous circumstances and move rapidly, but in time with other traffic. Human error, the cause of an estimated 90 percent of today’s accidents, is eliminated as the automated car continuously gathers and synthesizes the best available information and uses it to drive the vehicle.
Insurers must prepare for a paradigm shift. It might be impossible to predict development timelines with precision, but we do know this: Building connections with customers—leveraging the connectivity that will exist in the driverless car—will create a road to opportunity for insurers.