Robotics in Insurance - Thematic Research

Robotics in Insurance - Thematic Research

Summary

This report provides an overview of how the robotics theme will impact the insurance industry. This includes a detailed look at the robotics value chain, case studies of robotics deployments in insurance, market size and growth forecasts, coverage of specialist robotics vendors for insurance companies, and analysis of the insurance companies leading the way in terms of robotics adoption.

Insurers have increasingly been using a key segment of the robotics value chain - drones - in recent years to streamline claims and risk assessment processes. Robotics is helping insurers inspect post-catastrophe areas that are hazardous for human adjusters. Such robots can relay their findings via video footage in real-time and feature third-party software solutions. Many insurers are also using drones to conduct risk and damage assessments for crop fields or hard-to-access areas such as damaged roofs. Like robots, drones can inspect terrains and assets that are dangerous, saving on the need for additional agents and infrastructure for human inspections. Drones allow inspections to be carried out quicker, improving customer service. The increased deployment of robots by industries and consumers presents a growing risk exposure for insurers to cover. Robotics insurance is not yet commonplace, with insurers and regulation still needing to navigate the issue of liability in the event of a robot causing injury or damage.

Scope

• Depending on the application, level of sophistication, and reliability requirements, robotics generally involves several levels of control and processing, including onboard hardware and software, and increasingly, cloud processing and the pooling of knowledge from multiple robots.

• Position yourself for success by understanding the ways in which robotics should be deployed within the insurance sector to mitigate the challenges of COVID-19, ESG, and falling profitability.
• Source the leading and specialist vendors of robotics technologies for the insurance sector. Discover what each vendor offers, and who some of their existing clients are.
• Quickly identify attractive investment targets in the insurance industry by understanding which companies are most likely to be winners in the future based on our thematic scorecard.
• Gain a competitive advantage in the insurance industry by understanding the value of robotics solutions for each segment of the insurance value chain.