The automotive sector is in a period of rapid technological change. As automotive products become more ‘technology focused’, there will be an inevitable shift from human to product liability. Interconnected component parts, sourced from numerous suppliers and territories, coupled with greater complexity of supply chain clearly make the product risk a huge challenge.
Increasing vehicle complexity and technology will undoubtedly lead to greater regulatory attention and government legislation. As industry change gathers pace, it is clear that this will have a dramatic effect on the risk exposures faced by organisations within the sector.
Whether a vehicle parts manufacturer, or indeed, a software supplier, this development will lead to changing exposure profiles in the following areas:
HOW WE CAN HELP
As automotive technology comes to the fore, it is imperative that the insurance market can respond with solutions that are equally integrated and market leading.
YOU WILL BENEFIT FROM:
- Specialist technical resources in all the above areas of your product related exposures, including recall and cyber
- A bespoke approach, dovetailing covers to produce more ‘joined up’ solutions, reflecting the increasingly integrated requirements of this sector.
- Avoiding costly gaps in coverage created by the changing exposure profiles.
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