Everything You Need to Know About AI in Auto Insurance Industry

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.

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Top Dominating Key Players:

1. Ant Financial Services Group 2. CCC Information Services Inc. 3. Claim Genius 4. Clearcover, Inc. 5. GEICO Corporation 6. ICICI Lombard 7. Microsoft Corporation 8. Nauto 9. Progressive Casualty Insurance Company 10. Solaria Labs

The global AI in Auto Insurance market is segmented based on offerings and applications. By offerings, the AI in Auto Insurance market is segmented into usage based insurance, on-demand insurance, peer-to-peer insurance. On the basis of application, the AI in Auto Insurance market is bifurcated into claims assessment, chatbots, and policy pricing.

The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides an overview and forecast of the global AI in Auto Insurance market based on various segments. It also provides market size and forecast estimates from the year 2017 to 2027 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). The AI in Auto Insurance market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

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The report analyzes factors affecting the AI in Auto Insurance market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and SAM after evaluating political, economic, social and technological factors affecting the AI in Auto Insurance market in these regions.

Source : The Insight Partners