The Travelers Companies, Inc. (NYSE: TRV) today announced that it has joined the Advanced Vehicle Technology (AVT) Consortium at the Massachusetts Institute of Technology (MIT) and Partners for Automated Vehicle Education (PAVE). Both organizations work to strategically advance research and public information about automated vehicle and driver assistance technologies.
“As a leading auto insurer, we play a central role in the conversation about the future of transportation and mobility,” said Michael Klein, Executive Vice President and President of Personal Insurance at Travelers. “Our goal through these new collaborations is to continue to understand the evolution of the technology, actively engage in research and contribute risk management insights to help improve auto safety for everyone.”
The AVT Consortium includes top U.S. auto manufacturers, insurance carriers and automated vehicle technology companies. The organization studies driver behavior, including how drivers respond to and interact with adaptive cruise control, semi-autonomous parking assistance, vehicle infotainment systems and smartphones. That data is shared with consortium members so they can identify how technology and other factors related to automation adoption can be improved.
PAVE is made up of industry, nonprofit and academic institutions and aims to inform and educate consumers and policymakers about automated vehicles. The group creates consumer awareness campaigns, develops information for sales and customer service personnel and hosts hands-on demonstrations and public workshops. The goal of these efforts is to build consumer confidence in vehicle technology.
“Automated vehicle technologies are changing the risks on the road, including the dangers associated with distracted driving,” said Joan Woodward, Executive Vice President of Public Policy for Travelers and President of the Travelers Institute, who leads the company’s Every Second Matters℠ distracted driving campaign. “We look forward to working closely with PAVE and MIT’s AVT Consortium, two groups that will help ensure the next phase of transportation includes improved mobility and safety.”
Travelers’ white paper, titled Insuring Autonomy: How auto insurance can adapt to changing risks, offers the company’s assessment of the existing auto insurance structure, both personal and commercial, in the context of resolving claims and providing fair compensation to accident victims as vehicles become more autonomous. The white paper also describes how the development and rollout of this technology will help spur innovation, increase public safety, provide peace of mind and protect American drivers and consumers.
For more information about Travelers’ efforts with autonomous vehicles, visit Travelers.com/travelers-institute/insuring-autonomy.
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $30 billion in 2018. For more information, visit www.travelers.com.