This is very exciting. It is a rare opportunity to start a whole new perspective in insurance and liability.
Prof. Peterson’s presentation in Walnut Creek, CA was outstanding.
I expressed interest in data capture at the SF AICP meeting to CDI staff and they are already looking into regulatory authority. I believe data capture for when, where, and how long drivers are controlling a vehicle vs autonomous driving is essential to insurance rating for the vehicle as well as for the eventual warranty liability of the manufacturer. Access to how much use is via driver control will allow compliance with CDI rating restrictions and allocate savings accordingly. How this relates to product liability warranty coverage is another issue but I doubt percentage of miles under autonomous control will be a prime factor. I can see new regulations allowing for government control of recalls though.
I hope the actuaries also keep in mind that a driverless car is also a software vehicle (no pun intended) which can be hacked for nefarious purposes. Cyber-liability will become an even more critical issue which actuaries will need to consider in their pricing.
Of course, riding in a software vehicle also exposes the passengers to blue or white screens of death (literally). Our office productivty software curretnly does such a great bang-up job smoothly integrating with other software and accessories like printers. I can imagine that actuaries will need to investigate how the driverless software is crafted, tested, and deployed.
I remember this article & picture I saw when I was a kid. Was hoping to see the photo accompanying the article. Of course, thought @ the time pure science fiction! Don’t know why I remember so vividly the photo. Is there anyway to see it published again?
Thanks,
Linda
This is very exciting. It is a rare opportunity to start a whole new perspective in insurance and liability.
Prof. Peterson’s presentation in Walnut Creek, CA was outstanding.
I expressed interest in data capture at the SF AICP meeting to CDI staff and they are already looking into regulatory authority. I believe data capture for when, where, and how long drivers are controlling a vehicle vs autonomous driving is essential to insurance rating for the vehicle as well as for the eventual warranty liability of the manufacturer. Access to how much use is via driver control will allow compliance with CDI rating restrictions and allocate savings accordingly. How this relates to product liability warranty coverage is another issue but I doubt percentage of miles under autonomous control will be a prime factor. I can see new regulations allowing for government control of recalls though.
I hope the actuaries also keep in mind that a driverless car is also a software vehicle (no pun intended) which can be hacked for nefarious purposes. Cyber-liability will become an even more critical issue which actuaries will need to consider in their pricing.
Of course, riding in a software vehicle also exposes the passengers to blue or white screens of death (literally). Our office productivty software curretnly does such a great bang-up job smoothly integrating with other software and accessories like printers. I can imagine that actuaries will need to investigate how the driverless software is crafted, tested, and deployed.
Considering it is 2015 and hackers have already proven to be able to hack modern non-automated vehicles, I am already scared.
I remember this article & picture I saw when I was a kid. Was hoping to see the photo accompanying the article. Of course, thought @ the time pure science fiction! Don’t know why I remember so vividly the photo. Is there anyway to see it published again?
Thanks,
Linda