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.
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.
The report covers key developments in the AI in auto insurance market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from AI in auto insurance market are anticipated to lucrative growth opportunities in the future with the rising demand for AI in auto insurance market in the global market. Some of the companies operating in the AI in auto insurance market that are profiled in the report include 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.
Reasons to Buy
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.
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.
The report covers key developments in the AI in auto insurance market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from AI in auto insurance market are anticipated to lucrative growth opportunities in the future with the rising demand for AI in auto insurance market in the global market. Some of the companies operating in the AI in auto insurance market that are profiled in the report include 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.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global AI in auto insurance market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global AI in auto insurance market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
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
12. Appendix
Companies mentioned
- Ant Financial Services Group
- CCC Information Services Inc.
- CLAIM GENIUS INC.
- Clearcover, Inc.
- Microsofr Corporation
- GEICO
- ICICI
- Nauto
- Solaria
- The Progressive Corporation
