“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 2020 to 2027.”
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. Further, owing to the higher disposable income among the individuals, the pattern of procurement of new vehicles is high in the country. Pertaining to the rise in the number of vehicles, several associated technologies and solutions are also increasing rapidly. These factors have positively impacted the growth of the AI in auto insurance market in the region.
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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
- Progressive Casualty Insurance Company
- Solaria Labs.
The increasing number of successful artificial intelligence use cases in the auto insurance industry
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.
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 2020 to 2027. The growth potential of AI in the auto insurance industry is driving the entry of a large number of startups with innovative solutions in this industry. The innovative technologies and solutions offered by these start-ups are going to intensify the competition in the AI in auto insurance market in the coming years.
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