Self-driving vehicles have been making headlines for years, with companies from Google to Amazon to Tesla racing to design the future. As a global fintech leader, Acrisure constantly evaluates the landscape of the industries we serve to provide tech-driven solutions.
The future of autonomous vehicles is closer than ever. The number of automated trucks and buses on the road is expected to grow from almost zero this year to 1.2 million by 2032. Interest in autonomous trucks has surged in response to driver shortages, skyrocketing increases in online shopping and other supply chain disruptions.
The Transportation Department estimates 300,000 drivers are leaving the field every year, and we reached a record shortage in 2021. Because 80% of Americans are dependent on essential goods delivered by trucks, many companies are looking to automation as a potential solution.
Lawmakers are already paving the way for self-driving trucks on the roads. Kansas senators recently passed legislation to allow driverless trucks on state roads. As doors continue to open for this new technology, it naturally raises questions around liability, insurance and coverage in new areas such as cyber security.
"Over the next decade, we expect there to be a growing number of autonomous vehicles on the roads in the U.S.," said James Wells, Vice President – Transportation at Acrisure London Wholesale. "Statistics show that 94% of crashes on U.S. roads are caused by human error. With self-driving trucks, we will see a shift in the main risk with drivers becoming less of an exposure. Software, hardware and cyber are emerging exposures that are not common in the traditional transportation space."
The Acrisure London Wholesale Transportation and Cyber teams are already preparing for the future by finding solutions for the increased number of coverage requirements in the field. This includes collaboration with innovative carriers and partners such as iBott in London, who are making great strides in the sharing economy/autonomous space to provide a best-in-class solution for Acrisure clients.
New ways of thinking require new solutions. If you have a question around how to navigate innovation in your industry, we’re here to help. Contact an Acrisure Partner today.
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