Globally, over a million people are killed in road accident every year. About 90% of traffic fatalities occur in developing countries and costing up to 3% of its GDP. With more than 1 billion vehicles on the road, insurers are directly impacted by the frequency and severity of insurance claims. Human errors loom large in driving accident statistics. The adoption of technological advances such as a driver assistance system, edging us closer to an autonomous future that promise to make road transport safer, cleaner and more efficient. While demand for traditional motor insurance declining, insurers may not face the Armageddon that had been predicted.
Yet, challenges remain as merging the old and new world, is easier said than done. What should insurers do to actively engage in convergence to position for success? And how to combine the best of the old with the best of the new? What does the future hold for motor underwriting? Can innovation in road infrastructure keeps pace with the advances in vehicle technologies? Will we ever get driverless cars or is it still remains a distant dream?
Taking place once again in Thailand, the 7th Asia Motor Insurance and Claims Management Conference will provide you with the road map you need to navigate the current roadblocks as technology matures. Analyse the market threats and examine key indicators of how motor insurance is going to change while combating the rising of road traffic accidents and claims costs.