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Reducing Insurance Liability Essay

952 Words4 Pages

Over the next years, advances in driverless and autonomous vehicle technologies will have a profound effect on the transport system. Potential to provide significant benefits; freedom to travel, fewer crashes on roads, new high-value jobs in the automotive and technology sectors, and more efficient transport networks that are smoother, safer, and swifter (Tummala, Rymaszewski & Klopfenstein, 2012).
Driverless technology has a potential to change the aspects of mobility from insurance liability to driver safety and how individuals access the transport system. However, there is stiff competition from the traditional transport system since it has a larger market share worldwide. Therefore, the organization needs to develop several strategies that …show more content…

Thus, individuals prefer the safe means of transport to avoid various accidents that might occur and as a result increasing the firm 's market share (Winston & Mannering, 2014).
Reducing insurance liability
The introduction of driverless cars could reduce the insurance liability paid by the individuals hence increased market share of the organization. The financial loss of the society and the economic costs of the insurance industry of road collisions are substantial. The benefits of the driverless cars are significant, and the insurance industry rewards and recognizes innovative technologies that enable vehicles safer (Vecchiato & Roveda, 2010).
The automated cars encounter rare collisions since they are programmed to drive more safely than the humans and in the process causing minimal road accidents and therefore, less premium. Current insurance premiums are high due to the frequent collisions between vehicles, and the organization will respond by enhancing a reduction in claims to counter the existing market competition (Tummala, Rymaszewski & Klopfenstein, …show more content…

Several firms will invest in the driverless technology cars as a result of the profits and benefits that might accrue to the companies (Tummala, Rymaszewski & Klopfenstein, 2012).
Rigorous marketing of driverless vehicles
Major players in technology and automobile industry are committed to bringing the self-driving cars to the masses. Several marketing strategies need to be laid down by the company to ensure that the vehicles are available to the potential buyers. Advertisements in social sites, newspapers, television, radios and YouTube, can provide the company with a platform to counter the stiff competition in the marketplace (Vecchiato & Roveda, 2010).
The company should ensure that local or international regions with potential market demand are ventured. Marketing of the automated cars would minimize the competition from the enterprises that use driver driven cars since a lot of customers loyal to the companies have shifted to the organization with driverless car system. The innovative technologies guarantee quality, safety, and leisure to the users by providing unique features that the traditional transport system cannot (Winston & Mannering,

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