Several technologies and innovations such as machine learning, artificial intelligence, data analytics are reshaping the way auto insurers conduct business and capture claims information. (Photo: Shutterstock)
The auto insurance market is facing a variety of near-term and long-term pressures that could eat into profits. Conversely, new data technologies and innovations are providing the data to combat these threats, helping insurers maximize their potential for a healthy bottom line.
In the near term, the industry remains on solid ground. According to Deloitte, in the P&C sector, U.S. premiums written grew 4.6% in 2017, the highest percentage in the past decade, before jumping by 12.7% in the first half of 2018.
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