ARE WE READY FOR ARTIFICIAL INTELLIGENCE (AI) IN AUTOMOTIVE CLAIMS?

AI in Focus: The industry view on AI, bringing the vision to a reality

Speed, control and visibility are integral to the modern motor claims journey. Consumers are demanding faster and easier journeys expecting complete convenience.

BODYSHOPS & OEMS:

While bodyshops and OEMs face similar mounting pressure from consumers their perceptions of AI and it’s impacts were focused more on internal systems and processes.

What are the biggest drivers of digital transformation?

With increased consumer demand for AI solutions what barriers are the industry facing for AI adoption:


If the challenges were tackled, the top 2 returns expected from AI in the repair workflow were: Increased employee efficiency and improved profitability.

Where & How?

Ranked highest were a reduced need for remote estimating and increased AI accuracy improving the speed of repair authorization.

CONSUMERS:

Across the globe consumers are seeking automation in a contact-less world, showing a strong consumer demand for providers who put digital channels first.


INSURERS:

Results from the global survey showed it is clear that organizations understand how AI can build resilience and improve customer journeys but the challenges they face to bring the vision to a reality are slowing down adoption:

After the pandemic as a driver of digital transformation, the highest ranked catalysts for car insurers were:

What is stopping adoption?

Cost was cited as the top barrier for adoption for insurers but many larger groups also selected:

Despite the challenges insurers still recognise a critical need to accelerate innovation. The top 2 returns expected from the introduction of AI in the workflow included customer retention and reductions in technology debt.

With many expecting the biggest returns from AI at the fraud prevention stage!

Looking at a future where consumers will favour providers who put digital channels first, our research highlights that automated processes have the power to increase customer satisfaction and customer retention.

Optimizing how and where organizations choose to deploy cutting edge technology will be the key to realizing its full value for both businesses and the future needs of tech-savvy claimants.