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Driving Auto Claims Processing into the Driverless Era

Cognizant DRIVING AUTO CLAIMS PROCESSING INTO THE DRIVERLESS ERA As fast-maturing driverless vehicles head mainstream, insurers must collaborate with auto makers and regulators to write new rules based on cross-industry data sharing. This requires them to create new products, as well as formulate new underwriting, rating and claims processes – aided by automation and analytics - designed to handle incident claims induced by technology – not humans. BY 2021, DRIVERLESS TECHNOLOGY IS EXPECTED TO HIT THE AUTO INDUSTRY FAST LANE.' Audi, NuTonomy, Tesla EUROPE ASIA NORTH AMERICA Volkswagen, GM, Toyota, Nissan, Ford, BMW Jaguar, Land Rover, Daimler • 2017-2018 2020-2021 • 2024-2025 BOOSTING INSURERS' COMBINED RATIOS AND BOTTOM LINES, THANKS TO: 92% $80B 90% savings in fraudulent claim payouts globally 4 reduction in traffic decline in distraction- fatalities ? induced incidents 3 BUT TO REAP ITS REWARDS, INSURERS MUST OVERCOME MAJOR OBSTACLES: Business Challenges Liability Determination Scenarios ACCIDENT CAUSED DUE To Manufacturing defect. Manufacturing defect on a Manufacturing defect on a vehicle driven by an aggregator vehicle driven by an aggregator (Uber, Lyft, etc.). due to human intervention. Data Capture and Sharing Challenges Insurers must require manufacturers to equip driverless vehicles with incident data recording and sharing capability. CRITICAL DATA TIMEFRAME: 15-30 SECONDS BEFORE INCIDENT P Confirmation of whether the If the vehicle was parked or Driver interaction with vehicle was in autonomous driven in autonomous mode. the system. or manual mode. Regulatory Challenges Jurisdiction variances. No-fault concept. Data sensors. Responsibility balance. SETTING THE STAGE FOR UNDERWRITING, RATING AND CLAIMS PROCESSING TRANSFORMATION: Underwriting and Rating Changes: Preparing analytics underwriting models for technology- Rolling out new products Eliminating manual with different rating and underwriting, bringing coverage options. automation levels to 100%. induced incidents. Claims Processing Changes: Insurers embrace Specialized resources Revamped and modified fraud claims prevention determine "at-fault" liability models and triggers factoring in rather than settlement. coverages based on telematics new threats such as cyberattacks. and loT devices. THE WAY FORWARD: REINVENT PRODUCT, PROCESS AND PROTECTION Product Process Insurers will need new Insurers must complement driverless technology products built specifically to the nuances of systems that auto generate driverless vehicles. incident-relevant data with transformed and automated claims process. Prote tion 70% of cloud-connected loT Manufacturers must create strong Determining human vs. devices are prone to hacking. firewall systems, and insurance autonomous control through companies need a checklist to an equivalent of an airplane's preempt such incidents. "black box." To learn about overcoming challenges in the autonomous era, read our whitepaper: "DRIVERLESS CARS: TIME FOR INSURERS TO SHIFT GEARS" http://cogniz.at/driverlesscars FOOTNOTES: 1. http://www.driverless-future.com/?page_id=384. © Copyright 2017, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval 2. http://www.rand.org/content/dam/rand/pubs/research_reports/RR400/RR443-2/RAND_RR443-2.pdf. system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without 3. http://www.ii.org/issue-update/self-driving-cars-and-insurance. the express written permission from Cognizant. The information contained herein is subject to change without notice. All 4. https://www.thezebra.com/insurance-news/3069/insurance-for-driverless-cars/. other trademarks mentioned herein are the property of their respective owners. TL Codex 3091 ....

Driving Auto Claims Processing into the Driverless Era

shared by cognizant on Nov 30
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The advent of autonomous vehicles requires P&C insurers to rethink and rewire how they collect, share and process data.

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