VEHICLE INSURANCE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In July 2022, Bajaj Allianz is a prominent insurance provider in India. introduced a new insurance option called Pay As You Consume (PAYC), which is based on usage. They stated that they are the first to offer this type of insurance approved by the Insurance Regulatory and Development Authority of India (IRDAI), allowing advanced add-on insurance for motor vehicles.
• In May 2022, Liberty Mutual Insurance is a leading global insurance company headquartered in Boston, Massachusetts, USA. finalized the acquisition of technology assets from Insurance Portal Services (Fetch). This acquisition enabled Liberty to utilize the integrated features of insurance specifically tailored for the automotive sector.
• In August 2021, AXA S.A., a big insurance company, introduced STeP, a new digital system to make it easier for customers to handle their vehicle insurance claims. According to AXA, STeP has made it possible to inform clients about repair or salvage arrangements within just a few minutes.
• In May 2021, GEICO teamed up with an AI startup called Tractable to speed up its processes for handling auto insurance claims and repairs. Tractable has developed a special computer vision technique that has learned from millions of past claims. This AI can analyze vehicle damage from photos, similar to a human expert. GEICO aims to use Tractable's technology to assess estimates faster and more accurately, while also reducing administrative tasks.