Do Driverless Cars Spell Doom for the Insurance Industry?

The insurance-industry landscape is drastically changing in the face of driverless cars. For one thing, rates are expected to go down. [Read More]

Summary… * Machine-Made


And how else can we expect the driverless car of the near-future to alter the insurance industry landscape?
The auto insurance industry generates billions of dollars in annual revenue and supports thousands of jobs, so the disruption that autonomous cars pose is a definite concern.
Related: 4 Ways Driverless Cars Will Change the Transportation IndustryMost argue that these systems will increase traffic safety and reduce distracted driving.
It is hard to dispute the safety benefits of autonomous cars, but what about the benefits related to your auto insurance rates?
If drivers are convinced that autonomous cars will decrease the chance of accidents, the demand for auto insurance will decrease, and insurance companies will need to accommodate that, too.

Opinion… * Man-Made


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Source: Entrepreneur