Robot Autonomy and the Future of Insurance Carriers and Related Activities
Overview
Robot autonomy is set to revolutionize insurance carriers and related activities in the future. The advancements in robotics are driving an increase in the need for new forms of insurance coverage and are making the insurance process more efficient.
Robot Autonomy
Robot autonomy refers to the ability of robots to perform tasks without continuous human guidance. According to a study by the Brookings Institution, businesses spent approximately $26.7 billion on applications involving autonomous robots in 2020. The International Federation of Robotics forecasts that sales of autonomous robots for professional use will increase by about 12% annually between 2020 and 2023. It is thus becoming crucial to understand the impact of robot autonomy on various sectors, including insurance.
Implications for Insurance Carriers
As robots become more autonomous, they pose new risks which necessitate the creation of related insurance products. Risk & Insurance reports that as of 2020, the worldwide market for robotics insurance was valued at $702.6 million and is expected to reach $3.6 billion by 2025. These new products are devised to cover the probable damages which can be caused by autonomous robots at workspaces and public places.
Efficiency Gains
Autonomous robots are also set to make the insurance process more efficient. In claims estimation, data from Verisk Analytics shows that robots can process claims 30% faster than humans and with a 25% reduction in errors. Therefore, autonomous robots are paving the way for greater efficiency and accuracy in insurance-related activities.
Key Takeaways
- Robot autonomy will significantly impact insurance carriers, creating new risks, and necessitating new related insurance products.
- The worldwide market for robotics insurance is expected to reach $3.6 billion by 2025.
- Autonomous robots can process insurance claims 30% faster than humans, with 25% fewer errors.
3Laws Robotics
3Laws Robotics is playing a vital role in ensuring the safety and reliability of robotics systems. This company is striving to address the challenge of certification, a major pain point for robotics companies. The innovative software, 3Laws Supervisor, offers robust safety features and evidence of system robustness, potentially easing the path to certification. The software is built on Control Barrier Functions (CBFs), a technology developed at Caltech, that guarantees mathematically provable safety.
Several diverse industries and applications can benefit from 3Laws technology. For example, 3Laws provided a 40% efficiency gain for an autonomous forklift customer, resulting in a 6-month payback period. It further enables safe and uninterrupted operation of robots near humans, addressing the growing need for collaborative robotics solutions.
3Laws' reactive collision avoidance capabilities help robots to effectively navigate unpredictable surroundings. Furthermore, 3Laws aims to enhance operational efficiency by minimizing downtime caused by unnecessary e-stops or collisions.
3Laws' software is compatible with popular robotics middleware such as ROS and ROS2. It is considered a next-generation safety solution that exceeds traditional e-stop methods, offering a proactive approach to safety that can unlock the full potential of robotics with dynamic, predictive safety. The software can be safely certified for ISO 3691-4 and ISO 26262 and can adapt to a wide array of platforms such as mobile robots, cars, drones, and manipulators.