When you run an insurance company, one of your concerns is the safety of your customers. After all, if they don’t get into accidents, your company doesn’t need to pay out as often. It will allow you to focus your resources on unpreventable accidents instead of something avoidable. The insurance industry is actually behind a lot of the road safety measures in place right now. Its support will be vital to integrating the subsequent significant development for road safety: artificial intelligence. Here is how it can help and why insurance companies should push for it.
AI helps with road design
First, accidents can be the result of flawed or inadequate road design. For example, it can be hard to predict how various factors like pedestrians, vehicles, bicycles, and more interact on the road—at least for human eyes. Artificial intelligence can figure things out through quick calculation. Local governments gather data and provide AI with accurate datasets on road interactions. The resulting analysis can reveal the various danger points on the roads. It will allow local governments to modify their current road schemes appropriately.
The problem is that most local governments don’t have the funds for this sort of research. However, insurers do, and they can share the results of the study with the local governments. The result would be improved driving conditions.
AI monitors drivers
A direct way that insurers can influence driver safety is by encouraging the use of driver monitoring technology. By implementing AI-based usage based insurance, drivers will have a chance to lower their insurance premiums if they meet some parameters. For example, you can offer premium discounts if drivers always wear seat belts or drive at a certain speed. The telematic monitoring system installed in your customers’ cars will monitor their operation and behavior. It will also record how long they drive and the condition of the vehicle. Accidents are familiar with frequent drivers and beaten-up cars, so ensuring that they keep their vehicles in good condition while limiting their time on the road is a good move. The AI in the monitoring system automatically alerts your company if a driver reaches a certain threshold so you can warn them.
AI can intervene before accidents
Additionally, as insurers, you can require particular gadgets to be in a car, or you won’t give them any coverage. With modern technology, these intelligent devices can prevent accidents or even minimize damage. For example, anti-collision braking systems have AI that monitors the distance of other cars. If they get dangerously close, the system can activate the car brakes to try and lessen the impact. For accident prevention, you can have a driver monitoring system that can warn drivers if they are too sleepy or drunk to drive. Having an early warning system like that could be helpful.
Artificial intelligence can revolutionize how people drive and experience the road. The innovations it brings also make the road safer. This result is precisely what insurance companies want, and your firm should also be behind these changes by encouraging their adoption.