Implications of Evolving Technology in Auto Insurance: An Expert Panel Discussion

Authors

C. Ian Genno, FSA, FCIA, CERA
Himchan Jeong, FSA, PhD
Bill Wilkins, CERA, FCAS, ASA, MAAA
Geu Roo (Andrew) Yang, ASA

Description

The rapid advancement of technology today will revolutionize how humans interact with their vehicles in the near future. Vehicle manufacturer initiatives to incorporate new technology into their products should usher in societal benefits such as improved driving safety, enhanced fuel efficiency and potentially lower costs for insurance. These improvements come with a cost and have potential pitfalls. As the collection, analysis and integration of driving-related data occurs within organizations, the potential for unintended adverse outcomes is high.

In October 2022, the SOA Research Institute assembled a panel of experts, to engage in a discussion to explore these issues. This report summarizes key points raised during the expert panel’s discussion — and may serve as a catalyst for readers to engage in further discussion, to anticipate and prepare for the impact of technology on the evolution of the automobile and insurance industries.

Materials

Implications of Evolving Technology in Auto Insurance Expert Panel Discussion

Acknowledgments

The General Insurance Research Committee expresses its gratitude to those without whose efforts this project could not have come to fruition — for their work to structure an agenda and a series of questions to prompt a productive discussion amongst the expert panel participants, and for their work to synthesize the themes and commentary emerging from the discussion and prepare and review this summary report.

On the Expert Panel:

Bill Wilkins, CERA, FCAS, ASA, MAAA (Expert Panel Chair)
Dorothy Andrews, MAAA, ASA, CSPA
David Fawcett
Alain Kornhauser, PhD
Matt Moore
Emiliano A. Valdez, FSA, PhD

On the General Insurance Research Committee:

C. Ian Genno, FSA, FCIA, CERA (Committee Chair)
Himchan Jeong, FSA, PhD
Shariq Sikander, FSA, CERA
Geu Roo (Andrew) Yang, ASA

At the Society of Actuaries Research Institute:

Rob Montgomery, ASA, MAAA

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If you have comments or questions, please send an email to research@soa.org.