So, what's happening with autonomous vehicles lately? Buckle up, because it's time for another news roundup.
Questions remain about individual insurance premiums.
According to a report by the Casualty Actuarial Society's Automated Vehicles Task Force (CAS AVTF), it's high time to consider how autonomous vehicles will affect the premiums that individual drivers pay for insurance. "Quantifying this impact ultimately depends upon collaboratively defining, collecting, and analyzing data related to AV safety and performance," said Rick Gorvett at Carrier Management. Most importantly: if self-driving cars are safer than not, what kind of insurance discount is appropriate for them? Get the report here.
Tesla collision-avoidance features seem to have caused a drop in insurance claims.
Speaking of safety, the Tesla Model S has seen a drop in damage and injury claims since it introduced "an array of advanced driver assistance features, which now include Autopilot as an option," said Stephen Lawson at TU Automotive. Unlike previous systems, which ranged from "irksome" to "dangerous" according to the IIHS, the new features seem to have reduced claims by 13 percent. We say "seem" because there's data missing: "the researchers couldn't tell which sedans had the optional feature, or which had it activated at the time of the accident," so we need to know more before drawing conclusions, Lawson said.
Electronic steering helps disabled drivers, while opening doors for self-driving cars and new interior designs.
Drive-by-wire (or steer-by-wire) technology was invented to empower drivers with physical disabilities, replacing mechanical steering systems with fully electronic ones. But its usefulness doesn't end there. "It is considered a key enabling technology for self-driving cars," said Nathan Eddy at TU Automotive, and furthermore, "it opens up new possibilities for the interior designs of vehicles and cabs."
Autonomous trucks aren't putting truckers out of work but taxi drivers should worry.
It's been a concern for some time: if autonomous trucks put humans out of work, what will formerly employed truckers do for a living? According to the American Center for Mobility (ACM), however, the fear is unfounded as yet. "Despite concerns that a rise in automated vehicles will displace significant numbers of truck drivers in the United States, only a modest number of truck driver jobs, if any, will be affected," the ACM reported this month. That's small consolation to "passenger car-based driving jobs" such as taxis, however, which could indeed get shouldered out by self-driving cars, researchers said.
Duckietown is driving innovation at the AI Driving Olympics.
As for what’s next, this December at NIPS, Montreal's premiere machine learning conference, the Duckietown Foundation will help "probe the frontier of the state of the art" in "deep learning, machine learning and reinforcement learning” in a competition where self-driving cars (or robots, as the case may be) can strut their AI. The event will be presented by six academic institutions and two industry co-organizers, using the Duckietown platform to support the competition.
Keep in touch! We’ll be doing additional news roundups as developments unfold.
The FedNat Insured Web is a great tool for our insureds!
They like having a centralized location to view policy info, make payments, upload policy documents, and elect to become paperless to receive a discount.
The insureds also can file a First Notice of Loss for a claim and access exiting claim info. Silvervine recently enhanced the site which allows insureds to upload policy documents directly to their policy. The uploaded docs go directly into our workflows and save a lot of manual effort on our part.
From my visits with agents, the agents appreciate the app for the amount of time saved on having to download and attach photos directly to the policy.
The app can also reduce the amount of staff required for a busy office to fulfill underwriting requests for photos.
When training agents they are amazed at how quickly the photos attach directly to the policy. After taking photos using the app and before they make it back to their desk, the photo is already attached to the policy. They also like the ability to attach additional photos for pre-existing damage.
Customer Service is seeing an improvement with retention as the text message definitely triggers phone calls from insureds to make payments.
The insureds love the fact that we notify them on their phones because they state that sometimes they don’t receive their mail for various reasons.
The insureds are paying more attention to the texts then to their actual mail. We try to set all of our customers up on that option if we notice that they are not currently enrolled, as it builds great customer relations as well as retention.
As a company we have adopted the use of Policy Scan for all our policies, and our agents have adopted the use of the app as well.
Not only is it easy to use, there is also no more worrying about losing photos, having to store photos or photos being attached to the wrong policy.
With Policy Scan we have increased efficiency in our workflow and reduced our exposure on the risk.
Silvervine’s core administration solutions easily handles multiple carriers within multiple states, including accounting, payment processing, immediate policy issuance and endorsements.
What started out writing one product, one line in one state has now grown into mulitple products, multiple lines and writing in multiple states. We have over $95 million in annualized premium in-force and we expect to grow by 20% during the next year all serviced by Silvervine.
Silvervine was our insurance software system of choice when we started the company in 2006. Silvervine enabled us to begin business within a few months of licensing the company. Today, we are one of the top 20 homeowner’s writers in Texas and SIlvervine’s solutions have been an integral part of our success.