NAMIC Brings Together Industry Experts as Part of First ‘Future of Auto Summit’

INDIANAPOLIS, July 26 -- The National Association of Mutual Insurance Companies issued the following news release:

Many insurance industry leaders predict that the adoption of automated driving systems will spur a drastic shift from the current focus on personal auto policies to a greater emphasis on commercial product liability. To stay ahead of the changing marketplace and provide ongoing education to its members on emerging issues, the National Association of Mutual Insurance Companies hosted a collaborative event July 24-26 at the Insurance Institute for Highway Safety's Vehicle Research Center in Charlottesville, Va.

The new event, dubbed "The Future of Auto Summit," brought together experts representing insurers, automakers, transportation network companies, researchers, and government officials to look at the changing landscape resulting from the advent of ADS. More than 100 summit attendees visited the IIHS' Learning Lab where they test drove vehicles featuring the latest automated technologies and had the opportunity to witness an IIHS automotive crash test.

As part of a fast-paced agenda of educational sessions, speakers covered such topics as original equipment manufacturer liability, demographic shifts resulting from the sharing economy, implications on claims for insurers, and the rapid and significant government considerations of safety assurance, liability, and coverages important to insurers and policyholders.

Tom Karol, NAMIC's general counsel of federal affairs, noted the unique opportunity of the summit allowing NAMIC to lead the conversation.

"The Future of Auto Summit offers a unique opportunity for insurers to engage directly in a dialogue with IIHS researchers who are testing and evaluating the latest automated driving technology, along with thought leaders representing all facets of this dynamic issue," Karol said. "This kind of interaction is invaluable as insurers consider new and better ways to write coverage for cars on the road today as well as for next generation vehicles."

When and how ADS will be permitted to operate on public roadways will depend greatly on proven technological developments, regulatory definitions and permission, and public demand that driverless cars have the requisite level of safety. While estimates of ADS adoption range widely from 10-25 years, IIHS president Adrian Lund said there is still much work to be done.

"The building blocks of fully autonomous vehicles are on the road now," Lund said. "We are testing them to give consumers objective information about which technologies are working and encourage the automakers to make those features more available. The potential safety benefits are big. One technology, automatic emergency braking, is reducing front-into-rear crashes reported to police by 50 percent."

"The Future of Auto Summit" is just the beginning of what NAMIC hopes will be an ongoing conversation about ADS among insurers, auto manufacturers, and policymakers to ensure that laws, regulations, and policies guarantee important safeguards related to this rapidly evolving technology.