April 1, 2017 - Welding minivans. Defusing explosives. Delivering hotel room service. In numerous ways, robots are rapidly becoming a big part of our lives. Many experts believe a functional robotic brain will be perfected by 2019, and robots will achieve full autonomous consciousness by 2050.
Mylo is the first insurance broker to declare publicly that robots will soon take their place as fellow citizens with the most basic of needs – to protect what matters.
Beginning in 2021, Mylo will offer Major Malfunction insurance – health coverage specifically designed for robots. “Qualifying robots will be able to insure their own operating systems, internal control devices, navigational systems, tactile sensors and more,” explains Chief Strategy and Software Development Officer Hugh Khan.
One hitch – because robots don’t currently earn salaries, they can’t pay for it. Mylo believes HR administrators from partner companies will voluntarily offer benefits to their artificial workforce when presented with a convenient and affordable option. In addition, Mylo supports an initiative among some national lawmakers (the Android Care Act) to ensure full robotic health care.
And Mylo is looking even further down the line. By 2030, experts expect driverless vehicles to become commonplace. “Mylo will get into some seriously weird insurance territory then,” admits Director of Digital Marketing Roger Sikes. “A car with an artificial personality will be able to purchase a Commercial Auto policy to cover his vehicle … which is also himself.”
Business insurance will evolve, too. Mylo predicts robots will continue to move off the factory floors and into the ranks of management. A cybernetic CEO will still need standard coverage like Property and Professional Liability. But starting in 2037, Mylo will also premiere a revolutionary type of Business Interruption coverage. It compensates robo-bosses for lost work time incurred when human employees take bathroom, lunch and social media breaks. “They’ll need special coverage to mitigate the risks of our inferior programming,” explains Insurance Operations Specialist Andrea Rosen.
Of course, Mylo remains primarily focused on insurance for humans – at least for the next decade. Chat with a licensed Mylo advisor for an expert consultation on your business, home, auto and health needs.