As 2016 dawns, our world continues to overflow with new technology. What new tech gizmos and gadgets are you excited to see in the coming years? As insurance agents, we have to keep up with emerging tech too. We reassess policy coverage to keep you up-to-date with the demands of our digital and mechanized world. What will the future bring? Movers and shakers of the insurance world met at the annual Property/Casualty (P/C) Insurance Joint Industry Forum to discuss how the insurance world is meeting the demands of the new century. Most believe the industry is meeting the challenges of the 21st century head on.
Here are some tech wonders we know will influence the world of insurance.
Business Insider estimates that by 2020, over 10 million self-driving cars will be on the road. These vehicles offer automated features that steer and move a car with little to no driver interaction. Ford just announced plans to triple its development of autonomous Fusion hybrids at a consumer electronics expo called CES 2016. Companies are already considering the tests they will need to do to ensure these vehicles are misra compliant. It’s no wonder this one really makes our auto agents’ heads spin. When these cars hit the market, how will personal auto coverage change? Will accidents truly lessen? What liabilities will these cars present? Fully autonomous cars that don’t utilize a driver are still a long way off but semi-automated vehicles are emerging on highways even now. Who knows what’s down the road. We’re hoping for a flying car Back to the Future-style.
Once government-only flying craft, camera-wielding drones are now in the hands of hobby enthusiasts to teens. Moreover, thanks to websites like DrDrone it has never been easier for drone enthusiasts to get access to these fascinating pieces of technology. However, drones present a definite insurance liability. With their ability to invade personal space with the flick of a smart phone, we can only begin to imagine the impact on personal property and safety. Users can be at risk if your drone flies into restricted air space. In fact, the government now calls for all recreational drone users to register their craft through the Federal Aviation Administration. On a lighter note, receiving packages from drones will likely be as normal as getting a box from a mail truck someday.
Automated Home Technology
Imagine controlling your house lights from your car with an app. You can already do this from a smart phone with some in-home systems. These networks can be tricky to protect from hackers, as some horrified parents with wireless baby monitors found out. Mark Zuckerberg wrote on his Facebook page that his plan is to “build a simple AI to run my home and help me with my work.” Once the billionaire CEO set establishes their Jarvis-style robot helper, it’s only a matter of time until Amazon ships them to your door via drone. (See above.) Will these “helpers” be insured under personal property or will they need a more nuanced policy? Only time will tell.
With the increase in online and digital interactions, this area is fast becoming a hot-bed for the evolution of insurance policy. Hacking and massive data breeches have caused insurers to adapt protective measures for both business and personal policies. Influential members of the insurance world see this area as a particular growth area in the future, as claims continue to rise for cyber liability insurance.
Whatever the future brings, the insurance world continues to adapt to changing tech in the home, auto, and business world. We’re ready to protect you and your assets, whatever the world of tomorrow may hold.
Read more about the annual Property/Casualty (P/C) Insurance Joint Industry Forum here.