Jersey City, New Jersey, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “AI in Auto-insurance Market” By Product (Claims Assessment, Chatbots, Policy Pricing), By Application (Passenger Cars and Commercial Cars), and By Geography. According to Verified Market Research, the Global AI in Auto-insurance Market size was valued at USD 221.94 Million in 2020 and is projected to reach USD 582.41 Million by 2028, growing at a CAGR of 14.06% from 2021 to 2028.
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Browse in-depth TOC on “AI in Auto-insurance Market”
202 - Pages
126 – Tables
37 – Figures
Global AI in Auto-insurance Market Overview
The growth of the market is mainly accounted for by the increasing number of auto insurance claims due to a significant rise in the workforce using automotive vehicles. Increasing motor insurance claims in the GCC nations owing to a hike in the prevalence of car crashes, creating higher demand for automation in the car insurance to speed up the process. According to the Brazilian national transport confederation or Confederaçao Nacional do Transporte (CNT), a Brazilian trade association the number of car crashes leading to deaths in Brazil represents a hike of 3.3% in 2019 when compared to the previous year. Also, a higher vehicle purchase rate in Egypt, Brazil, Argentina, and others, is shifting demand towards insuring vehicles from car crashes. An increase in the number of cars crashes results in higher insurance that increases the claims. Due to this, the insurers have to undergo various paperwork which is tedious, lengthy, unable to detect false claims, and requires lots of time.
Rising demand for insurance automation to personalize offerings to the customers to deliver real-time with the goal to strengthen relationships. Increasing adoption of advanced technologies such as AI, Machine Learning to fasten the process through freeing the staff from claims and shifting their focus on frictionless and rapid claiming processes. The growth of the market is hampered due to unprecedented privacy issues. Companies are increasingly developing smart photo analysis systems to understand the damage to the vehicle through detection of the crash, assessing and initiating the insurance claims through real-time analysis. The increasing shift towards innovative technology is paving the way for market growth. Ongoing digitalization is gaining huge attention in various parts of the world. In today’s time, digital technologies as well as automotive telematics is changing the face of the automotive insurance industry. The emergence of new technology and increasing awareness about the benefits of artificial intelligence is pushing the market growth.
Key Developments
- ICICI Lombard has partnered with Microsoft Corporation to develop an AI-enabled car inspection feature in its mobile app, “Insure.”
- Liberty Mutual has announced a strategic relationship with Groundspeed Analytics, Inc., a leading data science company, to transform unstructured documents into structured, enriched and clean information, and to more quickly get that data to specific underwriters to use in discussions with brokers and customers.
Key Players
The major players in the market are Microsoft Corporation, Liberty Mutual, Seguros Sura, Claim Genius Inc., YOUSE, GEICO, and others.
Verified Market Research has segmented the Global AI in the Auto-insurance Market On the basis of Product, Application, and Geography.
- AI in Auto-insurance Market, By Product
- Claims Assessment
- Chatbots
- Policy Pricing
- Others
- AI in Auto-insurance Market, By Application
- Passenger Cars
- Commercial Cars
- AI in Auto-insurance Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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Top Insurance Claims Management Software: Good brands that care for you
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