Transformational change within the automotive industry is being driven by technology, autonomy and changing consumer behaviour. This rapid period of change will bring with it a raft of new challenges, as the industry faces different risk exposures and the risk landscape continues to evolve.
The auto industry is changing rapidly, driven by technological innovation and increased complexity of supply chain on a global scale. The traditional silo approach from the insurance industry is insufficient to deal with the breadth of product risks arising from connected and autonomous vehicles. We tackle this issue by providing a more joined up solution to reduce ambiguity and avoid duplications and gaps in insurance cover.
Our global team of automotive insurance specialists are leading the way by bringing together clients, industry bodies and ground-breaking analytics, to develop risk and insurance solutions to respond to these changes for both automotive manufacturers and tier 1/ 2 suppliers.
Future of Supply Chain Insurance
We were pleased to host an automotive roundtable event in partnership with Commercial Risk. During this event we discussed the barriers to supply chain insurance and how to overcome it with the leading risk managers from the automotive industry. In this whitepaper we provide a round-up of the topics discussed in more detail.
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WHAT WE DO
Through our partnership with Resilinc, a global provider of supply chain risk and resiliency solutions, we can offer innovative insurance solutions which link cutting-edge supply chain analytics to enable the insurance market to provide a breadth of business interruption coverage that has previously been unavailable.
We can provide access to real-time monitoring of 45 types of events that have the potential to disrupt auto makers’ and their tier1/tier 2 suppliers’ complex global supply chains. By mapping the entire global supply chain, our clients will be able to monitor potential failure points and improve supplier resiliency.
With the accelerated pace of connectivity and autonomous vehicles, we project a significant rise in cyber and technology risks whether it is hacking driverless cars or electronic communication errors and breakdowns from the complex electronic systems.
To address these growing concerns faced by manufacturers and suppliers, we can deliver a seamless insurance solution that will respond to the convergence of a broad range of risks from cyber, technology, products liability to product recall.
We are innovators. We are leading the market in driving insurers to provide future proof solutions to your rapidly changing risk landscape. Below are examples of some of those areas:
Our unique approach provides our clients with greater visibility and resiliency of their supply chain. This means that we are able to secure improved limits and cover beyond tier 1, down through the entire supply chain.
Our partnership with Resilinc, a market leading supply chain resiliency specialist, gives us access to unique and differentiated data, coupled with quantitative information, which will be of significant value to both clients and insurers.
We are driving the insurance market to deliver a seamless solution in respect of product recall, cyber and tech to address the increased and changing risk exposures brought about by new technology. This will provide broader cover, dovetailed to reduce ‘grey’ areas and avoid duplication and gaps.
The product liability risk landscape is shifting from human to product error as a result of the rapid development of automation and driverless technology.
The greater visibility of supply chain provides an improved understanding of contractual indemnities throughout the chain, thus enabling a clearer view of liabilities retained or transferred under contract.