INSURERS SEE THE END OF MOTOR VEHICLE ACCIDENTS AS WE KNOW THEM

By Ben Sessions on March 10th, 2016 in Uncategorized

Motor vehicle insurers see the end of motor vehicle accident as we know them. The scope of motor vehicle accidents in the United States is staggering. The number of deaths and serious injuries that result from motor vehicle accidents in the United States annually is equally as staggering.

However, the future of motor vehicle accidents appears to be rapidly changing. At least, that is the view of one major insurance company. Allstate predicts that autonomous cars will change the way that we think about the risk associated with motor vehicles:

Consider what is happening with autonomous cars. Today, only modest levels of driver-assistance technology are available, and only on a limited set of vehicles. However, the technology for fully autonomous cars is advancing rapidly and the legal and regulatory framework will follow. At some point, the fleet of a quarter-billion vehicles could be smaller and will include technologically sophisticated vehicles that are safer, more effective and efficient. Fewer, safer cars would benefit consumers and the environment, but could affect demand for auto insurance.

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We are moving forward into uncertainty rather than wait. Throughout our history, Allstate has led from the front on auto safety—for example, as an early proponent of seat belts and air bags. We support the introduction of new driver-assistance technology that makes driving safer, because this is about saving lives and protecting the hopes and dreams of those who depend on us. We are confident Allstate will thrive in whatever new world emerges because of a differentiated strategy, strong brands, passionate agency partners and committed employees. Preparations for a new and different future are well under way.

Just in case you needed more proof that the insurance industry does indeed see advancements in driverless cars as a significant force in reducing car accidents.