In June of last year, the UK played host to the first zero-occupancy self-driving vehicle trial to take place on an open road in Europe. The trial’s success was a testament to the power of partnerships, seeing autonomous vehicle software provider Oxbotica collaborating closely with Marsh and Apollo ibott (through its MGA, in partnership in the UK with insurer Aioi Nissay Dowa Europe).
Among the key players involved in making this first-of-its-kind journey possible was Rebecca Marsden (pictured) who, as an underwriter with Apollo ibott, led the successful creation and underwriting of the trial. Today, Oxbotica has welcomed Marsden to its team as its first-ever vice president of risk and insurance – a move that feels like “coming home” to the industry executive.
Discussing her new role with Insurance Business, Marsden noted that the newly created position underscores Oxbotica’s recognition of the integral role insurance has to play in enabling partners across the autonomous vehicle ecosystem to move the dial on making autonomous driving a reality. It’s a particularly exciting time to join the business, she said, as the firm recently raised $140 million in a Series C funding round that is still open.
“This is a really critical time in our lifecycle,” she said. “Our eye is very much fixed on global expansion and commercialisation. So, this is the next step – bringing insurance into that picture as part of our comprehensive solution around how we can solve this human problem with our exciting technology.”
As VP of risk and insurance, Marsden will be responsible for the global risk management and insurance strategy of Oxbotica. It’s a unique proposition, she said, that goes beyond creating fit-for-purpose, accessible and adaptable insurance programmes, to fostering greater interaction with the entire spectrum of autonomous vehicle stakeholders – which includes but is not limited to investors, customers, regulators, transport organisations and the government.
“We need to make sure that we’re working with all our stakeholders to ensure there is a fit-for-purpose framework allowing this technology to be deployed, and I’m delighted to say that insurance is already part of that conversation,” she said. “Now, it’s just a question of making sure, where appropriate, that’s crystalised and legislated so we can make sure that the foundations being laid are robust and put us in good standing for the future.”
Critical to Marsden’s role is engaging with all Oxbotica’s partners to ensure that the solutions being developed align with their requirements. Insurance is critical to enabling this, she said, and to allowing stakeholders to make the most of the firm’s world-changing technology. As somebody who has served the financial services market for her entire career to date, she said, it’s a privilege to have the opportunity to help position insurance where it belongs – on the front line of innovation.
“It’s a once-in-a-lifetime chance for me to be involved at this stage in the lifecycle and be part of the framework that is being built out,” she said. “I feel enormously lucky to be at the centre of this ecosystem and have a hand in moulding alongside the leading minds in robotics and automotive and mobility solutions in the world.
“[…] And this is not just about risk management or balance sheet protection. It’s about enabling something, enabling technology through the integration of multiple partners in the ecosystem, but also engendering trust in our customers and in the outside world. [Insurance is acting] as both risk management and a facilitator which is something I’m really passionate about.”
Traditionally, insurance has been seen as solely about balance sheet protection, she said, but it can be so much more. When done right, it provides a platform to ensure safe, sustainable and trusted growth. And trust is fundamentally Oxbotica’s route to market. Having a product that’s trusted is mission-critical and insurance is key to that.
Collaboration is embedded into the very DNA of Oxbotica and its partner, Marsden said, and it’s also instrumental to her role. Creating innovative solutions requires the input and engagement of so many different parties, all working in unison which is a familiar concept to the design and technology sector – but also for the insurance market.
“And it’s so important that we know our audience and we take everyone along with us on this journey,” she said. “This is a niche solution we’re creating, we’re looking to solve very real-world, very human problems. We’re looking to deploy and unlock the benefits of autonomy when the world needs it most, which is right now.
“We need to take everyone on this journey. We need to have passion and vision – and to be able to communicate that so that when it comes to the real-world deployment of this technology, people understand the benefits it will bring. That’s the economic benefits, social benefits and environmental benefits. Having everybody aligned and ready to embrace this is really important and that’s the mission of Oxbotica.”
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