Further details have emerged of the insurance industry’s contribution to Oxbotica’s recent self-driving first – running a zero-occupancy automated electric vehicle (A-EV) on public roads in Europe.
As noted in our original story, the insurance was arranged by broker Marsh and created by Apollo Group’s Insuring Businesses Of Tomorrow, Today (ibott) initiative, in partnership with Aioi Nissay Dowa Europe.
Additional comments provided via Haggie Partners on 26 May included the following by Rebecca Marsden and Sam Tiltman.
Rebecca Marsden, underwriter at Apollo ibott, said: “The world is on the cusp of a once in a lifetime world-changing technology revolution, and Apollo through its ibott business, in partnership in the UK with Aioi Nissay Dowa Europe as insurer, is thrilled to have taken the first step with Oxbotica in ensuring universal autonomy reaches its full potential, enabled by innovative, comprehensive and flexible insurance solutions.”
Sam Tiltman, sharing economy and mobility leader for the UK & Ireland at Marsh, added: “Insurance is fundamental to the advancement of Oxbotica’s trials; this latest exciting development signals growing market confidence in how AVs will revolutionise UK transport infrastructure.”
Focus on self-driving
Other recent examples of the insurance industry’s increasing focus on self-driving include: our 17 May interview with Doug Jenkins, Motor Technical Risk Manager at AXA Insurance UK; the 27 May Insurance Post piece by Pamela Kokoszka, “Awareness campaign needed for drivers before accelerating introduction of AVs”; and the 1 June piece in The Actuary, The magazine of The Institute and Faculty of Actuaries (IFoA), by Ben Hoster, director of transformative technologies at Marsh McClennan, “Changing gears: autonomous vehicles and motor insurance”.
In the latter, Hoster opined: “Electric autonomous vehicles (E-AVs) can help manufacturers to generate short-term revenues by providing semi-autonomous features such as advanced driver assistance systems, aspects of which include lane keeping assistance.
“Data collected from these systems – sensor inputs, camera feeds and electronic control unit decisions – will help to improve deep learning algorithms, facilitating a safe and scalable migration to full urban autonomy.
“The data collected from E-AVs will also increase the accuracy of risk assessments, making it more viable to insure them.”
He goes on to predict that multiple forms of coverage (including product, motor and cyber liability) will begin to overlap, that the determination of liability for bodily injury and property damage (BIPD) will become more difficult, and that E-AVs will influence vehicle ownership.
The eagle-eyed among you will have spotted more rival self-driving terminology here, with Marsh McClennan preferring electric autonomous vehicles (E-AVs) and the likes of PWC putting the A first, with autonomous electric vehicles (A-EVs).
Hoster concluded: “The insurance industry’s rigorous risk assessment methods and strict safety standards will build public confidence, improve profitability and pave the way for a future in which mobility is driverless and electrified.”