Marketplace of Change: Automobile Insurance in the Era of Autonomous Vehicles

Marketplace of Change: Automobile Insurance in the...

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In our latest research report, titled “Marketplace of Change: Automobile
Insurance in the Era of Autonomous Vehicles,” KPMG’s Insurance practice
synthesizes the findings from their recent survey and provides an integrated
view along three common themes

  1. Alignment for mass change within a decade.
  2. Radical change for the auto insurance marketplace.
  3. The need to start preparing now.

Now is the time for robust discussion about the potential implications
of autonomous vehicles on your organization. We look forward to having the
conversation with you soon.

Automobile Insurance in the Era of Autonomous Vehicles Survey

Earlier this year, KPMG surveyed senior U.S. insurance executive whose companies, in aggregate, account for almost $85 billion in personal and commercial auto premium, KPMG found that few carriers have taken action—not due to doubts about the possible ramifications, but rather because they believe the potential impact is too distant in the future to begin preparing. The below survey, Automobile Insurance in the Era of Autonomous Vehicles Survey provides the key findings from our survey including:

  • Only 29 percent feel very knowledgeable about autonomous vehicles, and a small percentage (10 percent) have developed a strategic plan to deal with the impact.
  • Insurers say that underwriting, product management, and claims will all require significant adjustment as autonomous vehicles enter the market.
  • Insurers believe that there will be opportunities to develop different products to cover autonomous vehicles, which will also open the door for new competitors to enter the industry. At the same time, many anticipate increased consolidation among the traditional writers.

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