October 1, 2021

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Image Source - insurancebusinessmag

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.

Some of these major trends include behavioral policy pricing, personalization of customer experience & coverage, and customized claim settlement.

With increasing number of IoT (internet of Things) enabled devices with various among customers, the opportunity to offer personalized services is growing at a fast pace. In the current automotive insurance industry, AI in auto insurance is at a nascent stage, as very few countries have adopted the technology heavily.

The global auto industry is going through a shift with technological advancements happening in the electric vehicle and autonomous vehicle sector. With increasing safety features and driverless technology, it is anticipated that the auto insurance industry may shrink substantially in the coming years. The auto insurance industry contributes a large chunk to the global insurance industry and it is crucial for auto insurance companies to focus on product and service innovations in order to sustain profits during the forecast period of 2020 to 2027.

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Usage-Based Insurance

On-Demand Insurance

Peer-to-peer Insurance

๐€๐ˆ ๐ข๐ง ๐€๐ฎ๐ญ๐จ ๐ˆ๐ง๐ฌ๐ฎ๐ซ๐š๐ง๐œ๐ž ๐€๐ฉ๐ฉ๐ฅ๐ข๐œ๐š๐ญ๐ข๐จ๐ง

Chatbots

Policy Pricing

Claims Assessment