Technology is in a period of renaissance and captives have a massive part to play, according to Michelle Osborne, senior deputy commissioner of the North Carolina Department of Insurance (NCDOI).
Speaking during a plenary session at the North Carolina Captive Insurance (NCCIA) conference held in Charlotte, Osborne said that the future would see “75 percent of all cars [being] autonomous”, and autonomous car manufacturers, including Waymo and Tesla, are offering insurance products on purchase.
She said: “Things are happening quicker than ever—I call it the renaissance of technology.”
Osborne, who has 25 years experience in the property and casualty side of insurance, said that when she was in kindergarten, she had no idea she’d be in the insurance industry, but that “once you’ve been in the industry, it always finds a way to pull you back in”.
Osborne highlighted that there are “more laws that need to be modernised today”.
She added: “We try to make the industry to be honest and right for the consumer.”
“When you can’t find a place to put something, you find a way to insure it, and that is why the captive industry is so amazing.”