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LATEST THINKING

LATEST THINKING


Insuring autonomous vehicles

How insurers can address an $81 billion near-term opportunity in insuring autonomous vehicles

Estimates are that there will be 23 million autonomous vehicles on US highways by 2035. We believe the switch to autonomous vehicles will generate at least $81 billion in new revenues in the US between 2020 and 2025. These revenues will be derived from cyber security, product liability for sensors, software and algorithms, and insuring the security of public infrastructure.

Insurers can convert this opportunity, but they will need to move quickly to change their business models. Carriers will need new capabilities in big data and analytics, as well as new actuarial models. After 2026, insurers will begin to see auto insurance premiums drop due to the rollout of autonomous vehicles.

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"The threat posed to insurers by the rapid evolution of autonomous vehicles is real, but so is the $81 billion opportunity represented by new forms of insurance."

CONTACTS

Lawrence Karp

Global Insurance Telematics Lead, Accenture Digital

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Richard Kim

Global IoT Consultant, Accenture Digital

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