AI in Auto Insurance Market Analysis and Opportunities by 2027

Name: AI in Auto Insurance Market Trends and Top Players by 2027
Creator: The Insight Partners
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Historic Data: 2016-2017 | Base Year: 2018 | Forecast Period: 2019-2027

AI in Auto Insurance Market to 2027 - Global Analysis and Forecasts by Offerings (Usage-Based Insurance, On-Demand Insurance, Peer-to-peer Insurance); Application (Claims Assessment, Chatbots, Policy Pricing)

Report Date : Nov 2019
Report Code : TIPRE00006900

Category : Technology, Media and Telecommunications
Status : Published

Available Report Formats :
No. of Pages : 140

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

[Research Report] The AI in auto insurance market accounted to US$ 1,047.56 Mn in 2018, it is anticipated to grow at a CAGR of 20.5% during the forecast period of 2019 to 2027.

The increasing penetration of cloud based AI solutions over on-premise solutions for various business functions is anticipated to drive the growth of artificial intelligence applications in the automotive insurance industry. The on-premise artificial intelligence solutions are sometime complex, expensive and difficult to build in-house by enterprises. Not every mid-size or to some extent even the large enterprise finds it feasible to invest in in-house development and deployment of artificial intelligence technology owing to the huge infrastructure and technical expertise requirements.

The advanced features and evolving architectures of today’s cloud platforms are propelling the adoption of cloud based solutions in every industry vertical including insurance. Low initial investment, sophisticated cloud & hosting models, advanced features, and on-demand variations are some of the major factors that are driving the adoption of cloud solutions in insurance companies. The investment is cloud solutions does not only help companies in scaling up the operations but also lead to enhanced cost and productivity control. In addition to these factors, the business requirements of each organization is different and hence, they require customized solutions and using cloud based solutions for these specific needs is considered as the best business model for most companies worldwide. All these factors are anticipated to drive the demand for cloud based artificial intelligence solutions in the automotive insurance market during the forecast period of 2019 to 2027.

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AI in Auto Insurance Market: Strategic Insights

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Market Insights

Latest trends and applications of artificial intelligence to drive the future growth

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 2019 to 2027. There are few technology trends where AI can help insurance companies and brokers make profits by integrating technology in their present product and service portfolio. 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. Behavioral policy pricing make use of personal data collected by these IoT sensors in pricing platforms. This gives advantage to drivers who follow safety instructions as they have to pay less for auto insurance, this is also known as usage-based insurance. With the help of chatbots, artificial intelligence also offers a seamless buying experience to customers based on the data related to their geographic location, social media, online purchases and other factors. Customized coverage or on-demand insurance is another benefit through which customers get custom coverage for some specific events/items. With the help of virtual claim adjusters and online interfaces, artificial intelligence helps customers in settling the claims faster and efficiently. All these advantages of artificial intelligence also help in reducing the fraud incidents. Hence, with various features and upcoming applications of artificial intelligence in the auto insurance industry, the AI in auto insurance market is anticipated see tremendous growth during the forecast period of 2019 to 2027.

Offering Market Insights

The AI in auto insurance market by offerings is segmented by usage based insurance, on-demand insurance, and peer-to-peer insurance. The AI stimulate savings for community of parties including brokers and policyholders and insurance carriers, plugging into existing transformations inside the insurance industry. Cuvva, Trov, and Metromile are some of the companies which are responsible to tackle complete insurance buying process.

AI in Auto Insurance Market Regional Insights

The regional trends and factors influencing the AI in Auto Insurance Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses AI in Auto Insurance Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

ai-in-auto-insurance-market-global-geography

Get the Regional Specific Data for AI in Auto Insurance Market

AI in Auto Insurance Market Report Scope

Report Attribute	Details
Market size in 2018	US$ 1.05 Billion
Market Size by 2027	US$ 5.46 Billion
Global CAGR (2018 - 2027)	20.5%
Historical Data	2016-2017
Forecast period	2019-2027
Segments Covered	By Offerings Usage-Based Insurance On-Demand Insurance Peer-to-peer Insurance By Application Claims Assessment Chatbots Policy Pricing
Regions and Countries Covered	North America US Canada Mexico Europe UK Germany France Russia Italy Rest of Europe Asia-Pacific China India Japan Australia Rest of Asia-Pacific South and Central America Brazil Argentina Rest of South and Central America Middle East and Africa South Africa Saudi Arabia UAE Rest of Middle East and Africa
Market leaders and key company profiles	ANT Financial Services Group CCC Information Services Inc. Claim Genius Clearcover, Inc. GEICO Corporation ICICI Lombard Microsoft Corporation Nauto Progressive Casualty Insurance Company

AI in Auto Insurance Market Players Density: Understanding Its Impact on Business Dynamics

The AI in Auto Insurance Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the AI in Auto Insurance Market are:

ANT Financial Services Group
CCC Information Services Inc.
Claim Genius
Clearcover, Inc.
GEICO Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

Get the AI in Auto Insurance Market top key players overview

Application Market Insight

The global AI in auto insurance market has been segmented on the basis of application into claims assessment, policy pricing, and chatbots. High penetration of internet capabilities has resulted into the development of advanced technologies to save both time and cost of the parties.

AI inside the Insurance industry has overtaken the traditional claims management process by making it quicker and better with minimal errors. The new claims management process supports insurers to achieve far better claims management by optimizing technology in the best manner. The innovative claims assessment process facilitates real-time question & answer service for first notice, pre-assess claims while automating damage evaluation process, predicting the patterns of claim volume, automating claims fraud detection with the help of rich data analytics, and augmenting loss analysis. Adoption of AI and machine learning in the claim management process has the potential to benefit both insurer and insurance company to significant save processing cost and time with a remarkable increase in service quality.

Global AI in Auto Insurance Segments:

AI in Auto Insurance Market – By Offerings

Usage Based Insurance
On-Demand Insurance
Peer-to-peer Insurance

AI in Auto Insurance Market – By Application

Claims Assessment
Chatbots
Policy Pricing

AI in Auto Insurance Market – By Geography

North America
- U.S.
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe

Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- Rest of APAC
Middle East & Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
South America (SAM)
- Brazil
- Rest of SAM

Companies

Ant Financial Services Group Co., Ltd.
CCC Information Services Inc.
Claim Genius Inc.
Clearcover, Inc.
Microsoft Corporation
GEICO
ICICI Lombard General Insurance Company Limited.
Nauto, Inc.
Solaria Labs (Liberty Mutual Insurance)
The Progressive Corporation

Research Manager

Ankita Mittal

Manager,
Market Research & Consulting

Ankita is a dynamic market research and consulting professional with over 8 years of experience across the technology, media, ICT, and electronics & semiconductor sectors. She has successfully led and delivered 100+ consulting and research assignments for global clients such as Microsoft, Oracle, NEC Corporation, SAP, KPMG, and Expeditors International. Her core competencies include market assessment, data analysis, forecasting, strategy formulation, competitive intelligence, and report writing.

Ankita is adept at handling complete project cycles—from pre-sales proposal design and client discussions to post-sales delivery of actionable insights. She is skilled in managing cross-functional teams, structuring complex research modules, and aligning solutions with client-specific business goals. Her excellent communication, leadership, and presentation abilities have enabled her to consistently deliver value-driven outcomes in fast-paced and evolving market environments.

What are the AI in Auto Insurance Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Global, Regional, Country
Industry and Competitive Landscape
Excel Dataset

AI in Auto Insurance Market Report Snapshots

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