Robots and the Future of Insurance Carriers
Overview:
As technology progresses, it is increasingly clear that robotics are intimately intertwined with insurance carriers' future. This guide delves into how innovations in robotic technology affect the insurance industry, marked by fascinating statistics. Discover how carriers can benefit from the rise of autonomous vehicles, how clients might utilize robots as personal assistants, predictions on legal liability shifts, and how the venture into cyber insurance is poised to increase. Finally, learn about the innovation brought by 3Laws Robotics in the robotics safety sector, focusing on the company’s role in enhancing safety and reliability in robot operations, certification challenges, and their software's broad adaptability.
Robotics & Autonomous Vehicles:
With the rise of autonomous vehicles, 17.7 million on American roads by 2030, insurance carriers may see a shift in liability from the driver to the manufacturer and software developer. Predictions suggest that the auto-insurance premiums could drop by as much as 40% over the next 20 years. However, product liability coverage for manufacturers is poised for a rise with increased automation levels in vehicles, possibly leading to $24 billion in new premiums in the auto liability insurance sector by 2025.
Robots as Personal Assistants:
As robots transition into new roles as personal or assistant robots, insurance companies may benefit from selling coverage to clients with home robots. There are predictions of 42 million service robots for personal use to be sold between 2020 and 2023. Insurance carriers stand to venture into new policy spheres as the client requires protection for expensive robotics or damage caused by the assistant robots, ensuring personalized robotic assistance providers into the insurance realm.
Shifting Legal Liability:
Robotics applications are also changing the legal landscape, leading to shifts in liability. 84% of insurers expect to see more policies covering robotic devices, and 63% are scaling operations to provide this coverage. As machines gain autonomy, the legal liability shifts from the operator to the robot or its designer, manufacturer, or programmer, especially if AI decisions lead to unexpected damages or losses.
The Uprising of Cyber Insurance:
As interconnected robotic systems grow more prevalent, so do cyber risks. The cyber insurance market is growing at a rate of 26.3% annually and is forecasted to reach $24.6 billion by 2026. As cyber threats evolve alongside robots and AI, insurance carriers need to adapt their policies to cater to potential system hacking, data breaches, and hardware malfunctions.
Key Takeaways:
- Autonomous vehicles will result in a shift of liability, which can create potential in auto liability insurance.
- The increase in personal assistant robots provides a new market for custom insurance coverage.
- The changing legal landscape due to robotics requires insurers to adapt new policies covering robotic devices.
- The rise in cyber threats with smarter robotic systems drives the need for specialized cyber insurance.
3Laws Robotics is leveraging robotics technology and safety measures to significantly impact robotics and AI sectors. They address certification challenges and introduce advanced safety features increasing the insurance industry's relevance.
- 3Laws Robotics designed the 3Laws Supervisor, software based on Control Barrier Functions (CBFs), which brings mathematically provable safety to the game.
- Their software is adaptable across a wide range of platforms, supporting a diverse set of applications, whether in warehouse automation, human-robot interaction, or dynamic environments.
- With safety as its core, the solution minimizes unnecessary e-stops or collisions, increasing operational efficiency for robot operations.
- Adherence to ISO 3691-4 and ISO 26262 makes 3Laws a force to reckon with in the next-generation safety solution market.
Through its innovative approach to safety, 3Laws Robotics is set to shape the future of the insurance industry amidst the rise of smart and autonomous machines.