Game-changers for insurers over the next 5-10 years include 3D printers that can build houses and fix broken bones, drones that can photograph asbestos and deliver humanitarian aid, and driverless cars, according to an industry expert.

LMI Group MD Allan Manning discussed these innovations and more at the Insurance Council of New Zealand’s annual conference last week.

He told insuranceNEWS.com.au driverless cars will be the “trillion-dollar game-changer”, resulting in “up to… a 50% reduction in premiums”.

“They already use driverless trucks in Nevada and Florida,” Professor Manning said.

The trend would reduce insurers’ investment pools.

Professor Manning says collision-avoidance software is already making a dent in accident claims. In future the biggest car insurance claims will be for hail and wind.

He told insuranceNEWS.com.au drones will play a significant role in the future economy, and could save insurers plenty of money. For example, they can be used to inspect and photograph dangerous locations such as roofs.

GPS-programmable drones could deliver humanitarian aid in war zones, aid geologists and farmers and even one day deliver our pizzas, Professor Manning says.

Insurers and even clients will soon be able to print replacement car parts such as bumpers.

Perhaps more exciting for insurers and governments, 3D printing could produce homes for earthquake and flood victims. Chinese company WinSun last year revealed its giant 3D printer can make up to 10 homes of 60 square metres in 24 hours.

Doctors will print dissolvable plates and screws, replacing the need for metal.

Professor Manning says 3D printing technology is growing in availability, with Harvey Norman selling a plastic printer for $899.

He told conference delegates robots are another game-changer. Amazon employ 1000 robots sorting books with a 99.95% accuracy rate, and has bought the company that makes them.

The imminence of space tourism means insurers should rethink their travel products, and they should lift age restrictions, given “people are travelling at an older age”.

Professor Manning also discussed smart homes and cyber risk, and emphasised the need for traditional insurers to better value their clients or risk losing them to new competitors.

“We’re still an old-fashioned industry,” he said. “Disruptors are doing so much better than the traditional insurers.”