"The truth is, if it's a safer way of driving, it's good for society and it's bad for our insurance business," Warren Buffett said recently when asked about the effect of automated vehicles (AVs) on his Geico subsidiary. "Anything that cuts accidents by 30%, 40%, 50% would be wonderful, but we would not be holding a party at our insurance company."
One day, robots and artificial intelligence could eliminate millions of jobs in America, even in industries that aren’t immediately obvious. A study not long ago from two Oxford University academics found that 47% of positions are at risk of computerization over the next two decades. Robots are likely to take jobs away from humans because they're cheaper than humans and more efficient, but also because they'll obviate the need for services that prop up and protect humans. Why have human resources professionals if you don't employ human resources? Why buy insurance if automation makes accidents far less likely?