Self-Driving Cars and Regulation: An Interview with Ryan Stein
Highlights
- An Insurance Bureau of Canada (IBC) survey found that most people perceive self-driving cars to be safer than conventional cars.
- Insurers should play an active role in engaging governments and regulators as new technologies, like self-driving cars, become more prevalent.
- As regulators, insurers, and governments look to update laws to accommodate new technologies and trends, the guiding principle should be to ensure injured parties have access to quick and fair compensation.
Interview Summary
Welcome back to the Accenture Insurance Influencers podcast, where we explore the future of insurance with industry experts. Our first guest is Ryan Stein, the executive director of auto insurance policy and innovation at Insurance Bureau of Canada (IBC).
In this episode, Ryan discusses the challenge of regulating self-driving cars and the need for a single insurance policy to cover both conventional and automated vehicles. He also emphasizes the importance of insurers, governments, and regulators working together to keep pace with emerging technologies.
Adoption of Automated Vehicles and General Principles
In an IBC survey, most people expressed discomfort with the idea of driving an automated vehicle, but the younger population showed more interest and perceived these vehicles as safer. Ryan emphasizes the need to update auto insurance laws to accommodate the growing presence of automated vehicles and ensure appropriate coverage is available for them.
He also discusses the importance of a national strategy for legislation and regulation, acknowledging the complexity of updating laws across different provinces and states.
The Role of Insurers in Shaping Public Policy
Ryan highlights the proactive role of the insurance industry in engaging with government and regulators, presenting solutions and ideas to address the challenges of regulating automated vehicles. He emphasizes the industry’s commitment to working with governments and the positive response received from various provinces.
Guiding Principles for Updating Laws
The primary guiding principle for updating laws to accommodate new technologies is to ensure that injured parties have access to quick and fair compensation. Ryan emphasizes the importance of studying existing insurance laws and regulations to address potential risks and provide appropriate solutions for both conventional and automated vehicles.
Engaging with the Government and Regulators
From a public policy perspective, Ryan advocates for engaging with the government and regulators to address insurance-related issues in an evolving technological landscape. He underscores the importance of detailed discussions with the government and regulatory bodies to ensure that insurance laws are appropriate for an automated vehicle world.
Accessing the Paper
The paper discussing the challenges and solutions related to automated vehicles is available on the IBC website.
Podcast Summary and Next Steps
The interview with Ryan Stein concludes the series on the future of insurance. If you enjoyed this series, the next guest, Lex Sokolin, offers insights into technology and digital disruption in the financial services industry. For future podcast opportunities, you can contact us.
Summary
In this episode of the Accenture Insurance Influencers podcast, we discussed:
- IBC survey findings that in general, people perceive self-driving cars as safer than conventional cars.
- The importance for insurers to proactively engage governments and regulators on issues like self-driving cars to ensure that insurance policy is equipped to deal with real-life risks.
- Guiding principles for updating laws for new technologies and trends—specifically, ensuring injured parties have access to fair and quick compensation.
For more guidance on self-driving cars, stay tuned for future podcast episodes with industry experts.