6. Conclusions 45 6. Conclusions The market for cobots is a fast-growing sector in the The report shows how the adoption of cobots is global economy and presents potential for specialty currently constrained by safety, security, liability and insurers. The large traditional robot – challenging to physical risks. By helping insureds identifyi the risks and design, make and maintain – is being replaced with by setting out ways to mitigate them, insurance could cobots that have voice recognition, are linked to help increase and speed up cobot adoption. It suggests industrial IoT, can be set up in half a day, use open- that robotics designers and manufacturers, systems sourced code and can optimise around libraries of integrators and users should work with the insurance algorithms with learning capabilities and in many cases, industry to mitigate and transfer the risks associated are more mobile and agile. The adoption of cobots is with robotics more fully. As cobots are used in more and opening up a new world of commercial possibility for more sectors, insurers should take a proactive role in developers, suppliers, users and insurers, at the same talking to insureds and potential clients to review and time as creating new risks, some of which may be assess all risks. By leading in this space, the insurance unknown today. Other risks will reduce and change. sector will acquire the necessary knowledge to provide This will necessitate innovation in both existing and new insureds with guidance on cobots best practices, lines of business. thereby shaping the ecosystem in which they operate Safety remains the main concern and number one and the product offering. barrier to adoption, followed by issues of trust and To conclude, predicting how rapidly robot and AI acceptance (which are closely related to safety). These technology will be adopted and implemented will occur will require research into safety technologies, but also is difficult, but it is highly likely cobots will play a engagement and upskilling of stakeholders as lack of significant role in transforming many industries, sectors knowledge is the main barrier to uptake of automation, and regions across the world in the next 5 years and followed by the bespoke nature of products and beyond. Insurers can facilitate this growth by working concerns about the length of time to get a return on with sectors to develop the products and services they investment. This also relates to the issue about who need. has responsibility – it is not just safety technology that is required, but knowledge and training of users. Taking control: robots and risk