A new study from KPMG has shown that insurers are unprepared for the arrival of driverless vehicles. Here at Todd and Cue, we have talked about driverless vehicles before.
There are only around 10% of insurers that have strategic plans in place for the arrival of driverless vehicles.
However, there are around a third of insurers that have held internal or external conversations about driverless vehicles.
KPMG Insurance partner Murray Raisback said “We are surprised that many insurers have been slow to react to the current technological changes taking place in the automotive sector. Driverless vehicle technology will radically change the insurance market and in our view disruption will happen faster than most insurers think”.
One third of insurers (around 33%) believe that it will take at least 10 years for driverless vehicles to significantly impact the automotive sector, while 67% said it would take at least two decades.
The firms pointed to consumer confidence and safety standards as issues that needed to be resolved before the UK saw a mass adoption of driverless vehicles.
For the full report, go to Insurance Times.