Autonomous vehicles will have a huge impact on the personal insurance industry. Automation, robotics and the potential for on-shoring of manufacturing could have a major impact in the commercial insurance space. That, according to Kevin Surace, renowned American technology innovator, speaker, creator of a AI Based Software QA platform, and Inc. Magazine’s 2009 entrepreneur of the Year.

He adds that artificial intelligence (AI) will create “a whole new set of risks that we don’t yet understand”, including cyber risk. Mr. Surace looks at every new invention as a new “opportunity to insure.” Customers really want “assurance” that their business will continue should something go wrong.

Mr. Surace suggests that industry executives embrace AI, and look to technology instead of people to fill the talent gap. 400,000 jobs could be looked at as 100,000 people augmented by AI. He suggests claims should be completely automated. Look to remove people from the entire insurance process. Deploy people in sales, support and other growth areas as an alternative.

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