1 / 7

AI in Auto Insurance Market

The market has been derived after evaluating various market trends and dynamics prevailing in different geographies across the globe namely; North America, Europe, Asia Pacific and Rest of World. The matured markets in the globally AI in auto insurance market are the US, UK, and China. The dominance of Europe in the global market is due to the fact that the country houses a large number of automotive OEMs, telematics companies, and insurance companies.<br><br>Get Sample PDF Brochure at: https://www.theinsightpartners.com/sample/TIPRE00006900/<br>

vishalshinde
Download Presentation

AI in Auto Insurance Market

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. AI in Auto Insurance Market to 2027 Global Analysis and Forecasts by Offerings (Usage-Based Insurance, On-Demand Insurance, Peer-to-peer Insurance); Application (Claims Assessment, Chatbots, Policy Pricing) The global AI in Auto Insurance market was valued at US$ 1.0 Bn in 2018 and is expected to reach US$ 5.5 Bn by 2027 with a CAGR growth rate of 20.5% in the forecast period from 2019 to 2027.

  2. AI in Auto Insurance Market to 2027 - Global Analysis and Forecasts by Offerings (Usage-Based Insurance, On-Demand Insurance, Peer-to-peer Insurance); Application (Claims Assessment, Chatbots, Policy Pricing) The market has been derived after evaluating various market trends and dynamics prevailing in different geographies across the globe namely; North America, Europe, Asia Pacific and Rest of World. The matured markets in the globally AI in auto insurance market are the US, UK, and China. The dominance of Europe in the global market is due to the fact that the country houses a large number of automotive OEMs, telematics companies, and insurance companies. Additionally, the trend of adoption of newer technologies and solutions is also high in the country, which has pushed the residents to opt for AI in auto insurance.

  3. AI in Auto Insurance Market to 2027 - Global Analysis and Forecasts by Offerings (Usage-Based Insurance, On-Demand Insurance, Peer-to-peer Insurance); Application (Claims Assessment, Chatbots, Policy Pricing) Artificial intelligence is transforming the face of every industry worldwide owing to its revolutionary capabilities that could substantially affect the performance of a business. In the past few years, banking, financial services, and insurance (BFSI) sector has been one of the largest adopter of artificial intelligence technology. The volume of data generated through various endpoints and mobile devices in the insurance sector is growing at a significant rate. This data presents a massive opportunity for insurance companies to gain insights about their customers and various business aspects. The rising influx of innovative AI start-ups to boost the growth In the past few years, the integration of artificial intelligence and its applications such as machine learning and deep learning have been growing tremendously in various industry verticals. AI is being utilized extensively in the BFSI sector for applications such as chatbots, voicebots, claim assessment, risk assessment, and fraud prevention among many others. With increasing use cases of AI and the evolving insurance market landscape, the growth of AI in auto insurance industry is anticipated to grow at a substantial rate during the forecast period of 2019 to 2027.

  4. AI in Auto Insurance Market to 2027 - Global Analysis and Forecasts by Offerings (Usage-Based Insurance, On-Demand Insurance, Peer-to-peer Insurance); Application (Claims Assessment, Chatbots, Policy Pricing) Offerings Insights The AI in auto insurance market by offerings is segmented by usage-based insurance, on-demand insurance, and peer-to-peer insurance. The AI stimulates savings for the community of parties including brokers and policyholders and insurance carriers, plugging into existing transformations inside the insurance industry. Cuvva, Trov, and Metromile are some of the companies which are responsible to tackle the complete insurance buying process.

  5. AI in Auto Insurance Market to 2027 - Global Analysis and Forecasts by Offerings (Usage-Based Insurance, On-Demand Insurance, Peer-to-peer Insurance); Application (Claims Assessment, Chatbots, Policy Pricing) Strategic Insights Some of the market initiatives were observed to be most adopted strategy in the global AI in auto insurance market. Few of the recent market initiatives are listed below: 2019: Claim Genius partnered with IAR Group to jointly introduce Claim Genius’s AI auto damage estimations solutions in India. IAR Group offers claims management solutions to insurance as well as self-insured companies in India. 2019: Clearcover raised US$ 43 Mn Series B funding from Cox Enterprises. Other participants include Lightbank and Hyde Park Angels, among others. 2019: Nauto launched AI-driven Driver Behavior Learning Platform. It is a real-time, in-vehicle solution impacting driver behavior. It is deployed in the vehicle to constantly analyze sensor data from exterior hazards, driver behaviors, and vehicle movement. The platform comprises of five key modules, including in-vehicle alerts, on-demand coaching, claims management, safety insights, and driver engagement.

  6. AI in Auto Insurance Market to 2027 - Global Analysis and Forecasts by Offerings (Usage-Based Insurance, On-Demand Insurance, Peer-to-peer Insurance); Application (Claims Assessment, Chatbots, Policy Pricing) • Company Profiles • ANT Financial Services Group • CCC Information Services Inc. • Claim Genius • Clearcover, Inc. • GEICO Corporation • ICICI Lombard • Microsoft Corporation • Nauto • Progressive Casualty Insurance Company • Solaria Labs.

  7. AI in Auto Insurance Market to 2027 - Global Analysis and Forecasts by Offerings (Usage-Based Insurance, On-Demand Insurance, Peer-to-peer Insurance); Application (Claims Assessment, Chatbots, Policy Pricing) Thank You Email :sales@theinsightpartners.com Phone : +1-646-491-9876

More Related