Insurance solutions for emerging technologies will require closer partnerships between those in the risk transfer chain, as well as more information sharing according to Mr Jason Harris, Chief Executive, International at XL Catlin. But while new technology will change the risk landscape, it may also help to reduce the cost of Insurance and improve service at carriers, he told Commercial Risk Europe.
There is no doubt that technology and increasingly robotics, is transforming the risks of our customers and driving an evolution in the risk landscape said Harris. For example, majority of our accidents are caused by human error, but the introduction of driverless vehicles should see a reduction in accident rates. However, automation will bring about new risks, such as greater Interconnectivity and issues with data and Cyber Security.