What is AI in Auto Insurance Market?
Artificial intelligence is transforming every industry due to its innovative and revolutionary capabilities which may substantially affect the performance of an every business. Banking, financial services, and insurance (BFSI) sector are also known as one of the largest adopter of artificial intelligence technology. The generation of large volume of data through various software’s and mobile devices are providing growth to the insurance sector with significant rate. This data represents a huge opportunity for insurance companies to gain insights from their customers and various business aspects. Automotive insurance contributes a significant share in the global insurance industry and it is continue to change owing to adaptation and integration of advanced technologies in various business processes. Rising acceptance of AI in automotive sector is significantly impacting on the automotive insurance sector. AI enables auto insurance companies to offer their services resourcefully to its customers. AI in auto insurance enable all services with quicker pay-outs and customized policy prices. Further, AI in auto insurance market help insurance companies to reach out to its customers offers right set of products, and faster claim process. AI in auto insurance provides services like voicebots, chatbots, claim assessment, fraud prevention, and risk assessment among many others. Increasing automobile sector across the globe is one of the well-known driver of the market. Further, raising demand for auto insurance in emerging countries like Chin, Australia and India is impacting on the demand for AI in auto insurance market to provide quicker services by preventing fraud and risk associated with it. According to Microsoft release, in India there are more than 230 million vehicles and 1200 auto accidental cases are registered. Hence, the demand for insurance for safety purpose has been raised.
The market study is being classified by Type (Liability, Collision and Comprehensive), by Application (Claims Assessment, Chatbots for Customer Service and Policy Pricing) and major geographies with country level break-up.
Ping An Insurance (Group) of China Ltd.(China), New China Life Insurance (China), Allstate(United States), The Hartford Financial Services Group(United States), China Pacific Insurance Group(China), IFFCO Tokio General Insurance (Japan), HDFC ERGO General Insurance(India), Bajaj Allianz General Insurance(India) and AXA XL (Germany) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global AI in Auto Insurance market by Type, Application and Region.
On the basis of geography, the market of AI in Auto Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
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