Travelers Hosts Industry Discussion on the Future of Insurance and Autonomous Vehicles
January 10 2020 - 11:02AM
Business Wire
The Travelers Companies, Inc. (NYSE: TRV) today hosted an event
at its Hartford, Connecticut, offices to discuss the evolution of
autonomous vehicles and their potential effect on the insurance
industry. The event brought together company executives and
transportation experts from the Center for Automotive Research at
Stanford (CARS), the Insurance Institute for Highway Safety (IIHS)
and the consulting firm Ellis & Associates.
“As a leading auto insurer, we have unique insights to
contribute to the framework that will bring autonomous technology
to our roads,” said Michael Klein, Executive Vice President and
President, Personal Insurance at Travelers. “By convening experts
who can add their research and perspectives, we will address some
of the important questions that need to be answered as the
transportation industry evolves.”
Presentations and a panel discussion focused on the evolution of
autonomous vehicle technology and its implications for the
insurance industry. Speakers included:
- Michael Klein, Executive Vice President and President, Personal
Insurance, Travelers.
- Peter Sexton, Associate Group General Counsel, Travelers.
- Kevin Smith, Executive Vice President and Chief Innovation
Officer, Travelers.
- Bryan Casey, Legal Fellow, CARS.
- David Harkey, President, IIHS.
- Dr. Stephen Zoepf, Chief of Policy Development, Ellis &
Associates.
While research suggests the adoption of autonomous driving
technology will lead to fewer crashes, collisions that do occur
will likely result in costly repairs and raise questions about
driver and manufacturer liability, victim compensation and data
collection. The general risks that come with vehicle ownership —
autonomous or not — will remain, including those related to weather
and theft. An effective insurance structure will need to remain in
place to help consumers and businesses manage those risks.
Travelers’ white paper titled Insuring Autonomy: How auto
insurance can adapt to changing risks offers the company’s
assessment of the existing auto insurance structure, both personal
and commercial, in the context of resolving claims and providing
fair compensation to accident victims as vehicles become more
autonomous. The white paper also describes how the development and
rollout of this technology will help spur innovation, increase
public safety, provide peace of mind and protect American drivers
and consumers.
About Travelers The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto, home
and business. A component of the Dow Jones Industrial Average,
Travelers has approximately 30,000 employees and generated revenues
of approximately $30 billion in 2018. For more information, visit
www.travelers.com.
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Sperry Mylott, 860.277.5075 smylott@travelers.com
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