Autonomous vehicles from fork lifts to trucks and cars, will enable greater efficiency and improved safety across many industries; they will enhance mobility and generate economic growth, with a significant impact on the global economy and society in general. However, these benefits will only be realized if the technology behind it can be widely commercialized – and if it can be insured. But how do you insure a product that does not have a history of failure or claims? And what if a product has the capability to learn and improve by capturing data and analyzing its environment to optimize performance? This is a new risk landscape.
That is why we are working with leading global insurer and reinsurer XL Catlin, to support the development and adoption of autonomous mobility technology – and make it an insurable commercial reality.
Working with XL Catlin is helping Oxbotica understand in detail the insurance industry’s risk assessment approach to autonomy, enabling us to build this learning into our solutions and our client interactions. They help us understand what are acceptable, insurable risks, and that will influence our product design.
In turn, we provide insight into how our components and systems work in application, so that they understand the risk management and insurance implications of these products for their clients – and can deliver appropriate and relevant insurance solutions. We are sharing data sets; analysis of the technology’s learning process and functionality pain points. XL Catlin is also the only insurer in the DRIVEN consortium.
They are developing new approaches and tools to assessing risk, apportioning liability and evaluating claims, to enable users of driverless vehicles to make decisions about the level of autonomy that is suitable in specific conditions.
XL Catlin is also providing Oxbotica with risk assessment and mitigating solutions to support the development of the software and accelerate the progress of bringing this technology to market.