The IFoA and the Autonomous Vehicles working Party hosted a sessional on the subject of “Autonomous Vehicles and their impact on the wider insurance market”. The sessional was well attended with a format which induced active participation by the audience and the panel.

Split into two parts the first section set the scene and brought to life the “ACES” concept and the “5 levels of Autonomy” which were presented by Neil Fulton and Dave Baldwin respectively. The second part explored future innovation, pricing and consumer acceptance which were presented by Deborah Newberry of Kennedys and Andy Goldby of The Floow. Both parts of the evening included rigorous debate and challenges on a range of issues including how insurers deal with changing costs and business models through the transition towards Autonomy, the ethics of algorithmic decision making, the role of actuaries within the insurance industry and beyond and will autonomy lead to a greener or less green economy.

The panel was made up of a range of experts in their respective fields of regulation, insurance pricing, data science, motor and legal professions all of whom are at the forefront of dealing with and implementing new solutions today. The evening was chaired by LV GI CFO Kevin Wenzel who helped organise the event together with members of the Working Party.

A video of the event and a link to the slides is available on the IFoA learning portal.

The working party are also looking for responses to their survey.