Commercial Lines: Robots and Drones Taking Over?
July 16, 2015 3:34 PM
In its Business and Technology Trends: Commercial Lines report, Novarica writes: "Commercial lines continues to be hyper-competitive, with technology playing an ever larger role in insurers ability to attract, retain, and profitably serve clients." And some are poised to make a big splash.
Robots
Novarica cites the Scio robot manufactured by property forensics company Donan as a harbinger of things to come, when insurers need to access "dark and enclosed spaces, or unstable structures."
Drones
But drones are fully on carriers' radar, because they "are available in a range of models from multiple manufacturers, with capabilities including automatic course correction, thermal imaging, real-time video feeds and more," the company writes.
Internet of Things
Commercial insurers are increasingly interested in the potential for sensors to "detect equipment failures before they result in damage to property," Novarica writes.
Autonomous Vehicles
Autonomous trucks, like Daimler's, "may drastically cut claims frequency, though this likely will take decades to achieve," Novarica writes. The company also notes that unmanned cargo ships are being tested that would affect the marine insurance sector.
Telematics
Finally, telematics has arrived in commercial insurance as well. "Current offerings from companies like Lytx or SmartDrive incorporate combinations of accelerometers, in-vehicle and out-of-vehicle video, GPS, onboard computers, analytics to assess driver behavior and opportunities for improvement both in terms of fuel usage and in terms of safety," Novarica says.