Artificial intelligence Market Overview 2018 to 2027, Future Trends and Forecast

 

Artificial intelligence Market 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. In the current scenario, automotive is also opting for AI. On the other hand, 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 on the growth of the AI in auto insurance market in the region.

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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.

Monitoring driver behavior is one use case, where companies such as Progressive through programs such as ‘Snapshot’ are using machine learning to access driver behavior for usage-based insurance. Another company MetLife also has a similar program called ‘My Journey’. Chatbots and voicebots represent another common use case of artificial intelligence in the auto insurance industry for customer service applications. Companies such as AllState, Progressive, and GEICO have chatbots such as ABIe (AllState Business Insurance Expert), Flo, and Kate respectively for various claim, payment and other related customer queries. Claim submission is another use case where integration of AI technology is growing at a fast pace. There are various companies which are investing in the development of AI solutions for the auto insurance industry. All these factors and trends are anticipated to fuel the demand for AI in auto insurance in various geographies and offer future growth opportunities for market players operating in the global AI in auto insurance market.

The AI in auto insurance market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. In the current automotive insurance industry, AI in auto insurance is at a nascent stage, as very few countries have adopted the technology heavily. Geographically, the market is dominated by Europe. The region’s growth is rapidly driven by robust automotive industry and demand for wireless & connectivity technologies. 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. The Asia Pacific is estimated to be the fastest growing region in the global AI in auto insurance market during the forecast period from 2019 – 2027. This is majorly due to the significant adoption of the same in countries such as China, Singapore, India, Malaysia, and Japan among others. The number of vehicles in the countries are constantly increasing, and the adoption of auto insurance is also rising in the current scenario.

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