The transition towards semi-autonomous vehicle insurance: the contribution of usage-based data

The transition towards semi-autonomous vehicle insurance: the contribution of usage-based data

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Speaker(s): Montserrat Guillen (Universitat de Barcelona)

The transition towards semi-autonomous vehicles is expected to contribute to lower the frequency of motor accidents and to have a significant impact for the automobile insurance industry. Rating methods must be revised to ensure that risks are correctly measured. We analyze telematics information and Usage-Based-Insurance research papers to identify the effect of driving patters on the risk of accident. This is used as a starting point for addressing risk quantification and safety for semi-autonomous vehicles. Many automobiles nowadays incorporate automatic speed control devices, which allow the driver to keep the vehicle at a predetermined constant speed, and ensure that the speed limit is not going to be violated. At the same time, the driver does not need to look at the speedometer and just needs to concentrate on the road, which contributes to safer driving. Here we estimate the effect of excess speed on the risk of accidents with a real telematics data set. We show scenarios for a reduction of speed limit violations and the consequent decrease in the expected number of accident claims. If semi-autonomous vehicles would eliminate the excess of speed, the expected number of accident claims could be reduced to almost one third its initial value in the average conditions of our data.

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