AI in Auto Insurance Market Report Study on Threats, Business Growth and Challenges Forecast to 2019-2027
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.
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. Automotive insurance contributes a substantial share in the global insurance industry and it is going through an evolving & challenging phase owing to the integration of advanced technologies in various business processes. Some of the major use cases of artificial intelligence in the insurance industry include chatbots, voicebots, claim assessment, risk assessment, fraud prevention, and policy pricing among many others.
Global AI in Auto Insurance Market – Key Companies
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.
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. The usage-based insurance segment led the AI in auto insurance market, by offerings in 2018.
