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Driverless cars AI firm Humanising Autonomy gains funding from insurtech investor

In View Summary

Found in 2017, Humanising Autonomy envisions a future where people around the world can naturally and intuitively interact with autonomous systems. It has, therefore, created a new category of human-centred products that help people and autonomous systems to better understand, interact, and work with each other.

Recently it raised $5.3m in funding which was led by global fintech and insurtech investor Anthemis Group. The funds will be used to deploy Humanising Autonomy’s AI-powered technology in newer markets. The technology is already available in the US, Japan, Germany, and the UK.

Humanizing Autonomy envisions to be a part of people-focused computer vision systems worldwide

The insurtechs uses ubiquitous visual camera to predict the full range of pedestrian and vulnerable road user behaviour in real time. The software is integrated n both human-driven and autonomous vehicles, to increase the safety of vulnerable road users, help with regulatory compliance, and reach Vision Zero goals. The company aims to set the global standard for human-machine interactions with its prediction platform that predicts the full range of pedestrian behaviour across different environments and cities.

The technology uses a set of machine learning modules which are trained to identify different pedestrian behaviours. The success of the model comes from two things one is the data sources (data was collected from CCTV, dashcams, autonomous vehicle sensors and collaboration with different institutions to source more data) and second is the modular nature of the models which can tell if someone is at risk or is distracted etc. Finally, the technology is made into modules which makes them customizable to different processing requirements. This makes is easy to integrate and enables working at all levels of automation.

The system is scalable and can be used in other industries apart from autonomous vehicles. That is, the modules can be retrained to fit the needs of warehouses and manufacturing facilities where robots are used. This helps us to not build the technology from scratch and scale it up quickly as per the customer needs.

The company is now working with Daimler Mercedes Benz and Airbus in Europe, the US and Japan.

Matthew Jones, Principal at Anthemis, said: “Understanding and predicting complex human behaviour remains one of the biggest mobility-related technology challenges. We’re very proud to support Maya, Leslie, Raunaq and the team as they tackle this problem head on. We’re looking forward to seeing how the impact of this remarkable technology will enable further development of automated mobility systems in cities, as well as improving efficiency across automotive, logistics, manufacturing, aviation and smart infrastructure.”

Reported Benefits

Benefits to Customers:

  • Innovative products and services
  • Improved customer service
  • Less processing time and costs
  • Transparency
  • Operational efficiency

Benefit to the Insurer:

  • Innovative products and services
  • Improved customer engagement
  • Easier claims
  • Less processing time and costs

The Digital Insurer's View

According to market research reports, the autonomous/driverless car market was valued at USD 5.68 billion in 2018 and is expected to project a CAGR of 31.5%, during the forecast period, 2019-2024.

Another research firm reports, the autonomous navigation market is estimated at USD 2.2 billion in 2018 and is projected to reach USD 13.5 billion by 2030, at a CAGR of 16.19% from 2018 to 2030.

The above figures indicate how far automation and robots are disrupting the functioning across different industries. This represents a huge opportunity for the insurers and insurtechs alike. This also brings along its own set of challenges.

The biggest argument here is how this technology uptake will impact the other stakeholders in the ecosystem. For eg, in case of autonomous vehicles – the stakeholders are pedestrians, drivers etc. In case of logistics, warehouses the stakeholders are the workers.

This is where companies like Humanizing Autonomy come into play with its technology of predicting these stakeholder behaviours and protecting them from risks. This technology is a fresh perspective, and we believe that it has more potential to change the face of not only vehicle insurance but also many other lines of insurance in years to come.

References

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