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.
With the increasing adoption of AI in most of the industries, AI has significantly found its way in the automotive sector. AI enables car insurance companies to efficiently offer services to its customers that are looking for faster payouts, faster services, and customized policy prices. The AI in auto insurance market enables the insurance companies to reach out to its customers at the right time, offers the right set of products, and faster the claim process.
Top Companies Covered in this Report:
ANT Financial Services Group, CCC Information Services Inc., Claim Genius, Clearcover, Inc., GEICO Corporation, ICICI Lombard, Microsoft Corporation, Nauto, Progressive Casualty Insurance Company, and Solaria Labs
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The wide adoption of AI in insurance sector and an increasing number of auto insurance claim is driving the AI in auto insurance market. The features such as the uninterrupted flow of business information, automated claim support, advanced underwriting, interactive power of insurance chatbots, predictive analytics, and others are creating a significant demand for AI in auto insurance market. With the constant evolvement of the telematics industry and its rapid adoption within the automotive sector, new partnerships are developing amongst insurers, automotive manufacturers, device OEMs, and telematics solution providers. These partnerships are aimed at taking advantage of the emerging data-driven technology.
The AI in auto insurance remains a relative niche market; however, it is currently witnessing strong growth. With the increasing growth in connected cars and ADAS industry, it is expected that all new cars will be equipped with pre-installed telematics devices in the near future. This growth is expected to provide a boost to the AI in auto insurance market.
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Table Of Content
2. Key Takeaways
3. Research Methodology
4. AI in Auto Insurance – Market Landscape
5. AI in Auto Insurance Market – Key Industry Dynamics
6. AI in Auto Insurance Market- Global Analysis
7. AI in Auto Insurance Market – By Offerings
8. AI in Auto Insurance Market Analysis – By Application
9. AI in Auto Insurance Market – Geographical Analysis
10. Industry Landscape
11. Company Profiles
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