Executive summary 8 Does the IP belong to the firm, the owner, the systems Business opportunities for insurers integrator or even the robot itself? There are also security and privacy concerns for firms whose IP is in Growth manufacturing where the theft of the IP and ideas by disgruntled employees with good understanding of the − With an estimated compound annual growth rate systems can be a risk. of about 60%, cobots represent a substantial new Cyber-risks, including hacking and data theft from emerging market that offers considerable systems as well as when devices are communicating with opportunities insurers to provide products and each other are another concern. Processes could be services to cobot developers and adopters. hacked or systemic defect introduced, and factories and − These markets are likely to be international, but workspaces could be held to ransom. For example, cyber as the pressure for onshoring and responsive criminals could threaten to shut down robots on a farm manufacturing grows, opportunities in Western during peak picking season and threaten leaving the economies are also expected to grow rapidly. crops to rot. − The development of Robot as a Service business There is also the potential for deliberate unethical models will also expand opportunities with SMEs, which may previously have been priced out of the “training” of a cobot, although it would be the robot market. responsibility of the robot installer/systems integrator to minimise the likelihood of this occurring. Insurance products − Increasing adoption of cobots in environments that work closely with humans will expand the need for insurance products including: product liability, product recall, cyber, property, (contingent) business interruption and medical malpractice, all of which could be marketed as comprehensive insurance solutions for the robotics sector. Partnerships − There is an opportunity for the insurance industry to work directly with manufacturers to identify the risks associated with cobots deployment. This may well help to address health and safety concerns and therefore speed up adoption. Data − Data from cobots enables a much greater understanding of risk and offers opportunities for improved risks and pricing models. There are also opportunities to collaborate with clients to share risks relevant data to create better products. For example, in “precision farming”, sensor data from fields could be combined with external climate and weather data to allow developers to develop algorithms that help the farmer make best use of their land this in turn might allow insurers to create bespoke and more accurately-priced crop insurance. Taking control: robots and risk