Europe And Asia Pacific Digital Motor Claims Management Market Size By Product(On-premise, Cloud-based), By Application(large business, medium business, and small business) And Forecast

Europe And Asia Pacific Digital Motor Claims Management Market Size And Forecast

Europe And Asia Pacific Digital Motor Claims Management Market size was valued at USD 1,948.48 Million in 2021 and is projected to reach USD 4,178.31 Million by 2030, growing at a CAGR of 9.35% from 2023 to 2030.

The maturing parallels of automation in motor claims through AI have driven, and given a higher efficiency to the overall market. Like, virtual motor damage estimates have dramatically increased efficiency and driven the market by demonstrating the power of using photo capture to produce accurate estimates. The Europe And Asia Pacific report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Europe And Asia Pacific Digital Motor Claims Management Market Definition

Claim management is a broad term that refers to a variety of business advice and services related to requests for reparation, compensation, restitution, or any other kind of remedy for monetary loss or contract breach. It frequently refers to the services provided by trade financiers to satisfy the company’s claims against risk mitigation instruments like bonds, guarantees, sureties, or traditional insurance when their opposite commercial counterpart has violated the terms of their contract. The claims procedure is a turning point in the relationship between an insurance company and its customers. Due to operational inefficiencies, the majority of motor insurance providers struggle to provide a frictionless claim process, even if they are aware of its importance. This whitepaper describes the top six challenges insurers encounter when attempting to provide their clients with a hassle-free claims experience.

The ability of insurers to safeguard their clients and themselves depends largely on proactive, effective claims management. Many carriers are implementing new claims technology and switching to digital claims processing in order to succeed in this area of operations. Insurance companies may manage the entire claims lifecycle with a single solution because of digital claims, or the systems that enable them. Insurers may manage every stage of the claims process in the digital claim ecosystem, from the initial notice of loss to the final settlement, in a centralized, effective, and structured program.

Europe And Asia Pacific Digital Motor Claims Management Market Overview

The maturing parallels of automation in motor claims through AI have driven, and given a higher efficiency to the overall market. Like, virtual motor damage estimates have dramatically increased efficiency and driven the market by demonstrating the power of using photo capture to produce accurate estimates. Before the COVID-19 pandemic, a virtual estimate was used for low-severity claims. Compared to the other control methods, it represented only 6% of all estimates and 4% of the rest. After the start of the pandemic, these percentages quickly jumped to 13%. Field appraisers who perform on-site appraisals can typically do three to four per day when factoring in administrative tasks and travel time. However, working from images allows an appraiser to make approximately 15 to 20 estimates per day.

Additionally, incorporation of technologies has shown and given prominent benefits driving the entire industry. For example, vehicle damage detection using AI in conjunction with other technologies streamlines the entire motor insurance process. Making appointments with representatives of insurance companies and waiting in queues is a thing of the past. Some AI tools can provide a complete inspection report with suggested insurance plans within minutes. Incorporating these technologies is also cost-effective. The insurance company no longer needs to employ the same number of people to achieve its goals. This factor reduces inspection costs.

However, one of the digital motor claims management industry’s biggest challenges in digitization is the historic growth of the IT environment in many companies. This applies to practically all insurance companies (except for young Insurtech companies). But insurance companies have always been quick to discover new technologies. And it is no paradox that this is the problem today. In a 2013 survey, Bain & Company found that more than two-thirds of the world’s non-life and life insurers were still using systems from the 1970s and 1980s. Although much complex modernization work has been done since then, the structure and organization of many of these so-called back-end systems still reflect complex business organizations. And data silos are still common.

Furthermore, core trends in technology, coupled with artificial intelligence, are reshaping the digital motor claims management market in the coming years like Data explosion from connected devices, Increased Prevalence of Physical Robotics, and more.The market is comprehensively evaluated in the study on the Europe And Asia Pacific digital motor claims management market. The research provides a thorough analysis of the market’s key segments, trends, drivers, restraints, competitive environment, and other important elements.

Europe And Asia Pacific Digital Motor Claims Management MarketSegmentation Analysis

The Europe And Asia Pacific Digital Motor Claims Management Market is Segmented on the basis of Product, and Application.

Europe And Asia Pacific Digital Motor Claims Management Market, By Product

• On-premise• Cloud-based

To Get Summarized Market Report By Product-

The market is divided into the categories of On-premise, Cloud-based based on product. Cloud Based accounted for the largest market share of 76.43% in 2021, with a market value of USD 1,489.19 Million and is projected to grow at the highest CAGR of 9.65% during the forecast period. On-Premises was the second-largest market in 2021, valued at USD 459.29 Million in 2020; it is projected to grow at a CAGR of 8.34%.

Europe And Asia Pacific Digital Motor Claims Management Market, By Application

• large business• Medium business• Small business

To Get Summarized Market Report By Application-

The market is divided into large business, medium business, and small business based on application. Large Business accounted for the largest market share of 56.82% in 2021, with a market value of USD 1,107.10 Million and is projected to grow at the highest CAGR of 9.97% during the forecast period. Medium Business was the second-largest market in 2021, valued at USD 527.60 Million in 2020; it is projected to grow at a CAGR of 9.10%.

Key Players

The “Europe And Asia Pacific Digital Motor Claims Management Market” study report will provide valuable insight with an emphasis on the global market. The leading players in the market are Axa, Ageas, Inube, Swiss Post Solutions, Audatex, Openclaims, Bsynchro, Xtract, Claim Central, and Wns.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally. The major players in the market are Axa, Ageas, and Swiss Post Solutions.

Key Development

August 2021 Expansion • Axa has introduced STeP, a digital claims solution that offers motor insurance consumers straight-through processing.

May 2021 Aquisition• In Turkey, Ageas bought a 40% interest in Aviva SA. Ageas’ position in the quickly expanding Turkish sector is further strengthened by this acquisition at USD 148.1 Million.

August 2020 Expansion • MICA is a platform that Inube established to facilitate on-demand and unconventional insurance products.

August 2020 Expansion • Swiss Reinsurance Company Ltd., and OneConnect Financial Technology Co., Ltd., have collaborated to create a digital end-to-end motor claims management solution for the European market based on artificial intelligence (AI) and advanced data analytics.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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