INSURANCE IN ACTION
Drones come in all shapes and sizes. Drone sales are projected to surpass 29 million units by 2021. Use of low-cost, programmable systems is exploding in agriculture, infrastructure, energy and more. With This rapid growth comes broader and more complex uses that require new ways to evaluate and underwrite risk.
Billions are being invested in new ways to store and deliver cargo and packages - including ground and air transport, and automated warehouses. As processes change, so do the risks. Robotics, automotive mobility structures, autonomous vehicles, even last-mile networks will all impact break bulk cargo. The challenge isn’t just insuring delivery; it starts with having the underwriting tools to make insurance feasible.
Low-cost, programmable robotic systems are, for the first time, putting the power of low-volume manufacturing in entrepreneurs’ hands. Barclays projects more than 700,000 shipments of programmable collaborative robotics by 2025. This will bring dramatic change to everything from food and electronics to furniture and automotive parts - new opportunities, but also new challenges for those underwriting risks.
Did you know?
The global robotics market is projected to reach $87 billion by 2025.
Dynamic insurance products provide user flexibility - by pairing around-the-clock coverage for standard business risks with time-limited, on-demand coverage for activity-specific risks.
Subscription and usage-based products handle episodic and short-duration uses tied to a specific event (large or small). These usage-based tools can be created and applied on a time, distance-traveled, or specific user-action basis.
Insurance coverage can be added or removed without user intervention - making this a very effective toolset for fleets, ridesharing, transportation or operator networks. Based on tracked IOT data, the system can automatically take predetermined actions such as binding coverage and billing.
Building a Unified View
Risks from drones and robotics are emergent and dynamic. The REIN platform uses multiple data sources to comprehend and dynamically respond to these changing risks.