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

So, claim management is basically all the support a business needs when it's looking for a refund, some damages, or a fix after a deal goes sour. Think of it as what trade financiers do to keep businesses afloat if something messes up – like pulling out the bonds, guarantees, or insurance to cushion the fall. And the whole claims thing? It's a big moment for both the insurer and customer. You'd think making claims easy would be a no-brainer, but many insurers stumble because things get messy behind the scenes. This whitepaper digs into the six biggest challenges insurers face while trying to deliver a stress-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

AI is seriously streamlining car insurance claims, which is a huge win for speed. Check out virtual damage estimates – they're a game changer! Just take some pics, and bam, you get a surprisingly good idea of the damage. Before COVID, these were mostly for small dings and only about 6% of all estimates. But things shifted big time! The pandemic pushed that to 13%. A field appraiser might squeeze in 3-4 on-site inspections daily, with travel and paperwork. But with photos? They can knock out 15-20 estimates. You can learn more here about how it is changing the industry and why digital solutions are the future.

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.

Okay, so getting digital motor claims management off the ground can be a real headache, mostly because of how IT has evolved at insurance companies. And we're talking about pretty much all of them (except those cool, new Insurtech startups). You'd think insurance companies would be all over the latest tech, right? But that's almost the root of the issue! Back in 2013, Bain & Company did a survey and discovered that over two-thirds of insurers were still working with systems from the '70s and '80s. There's been modernization since then, for sure, but the core of those "back-end" systems often reflects some seriously complicated business structures. Plus, let's be real, data silos are still a massive problem.

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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