Consumers want automated AI auto claims & repairs
While shoppers want fully automated experiences, there are still barriers to adoption across the insurance value chain.
More than three-quarters of consumers report trust in automotive claims and repairs handled entirely by artificial intelligence (AI), according to a survey from Solera, which also uncovered the barriers to AI adoption in the insurance value chain.
The survey revealed most claimants have already experienced digital insurance tools in action, with 56% having submitted a claim online and 51% using new technology to track the claims process.
Highlighting the importance of technology in the future of personal auto claims, two-thirds of survey respondents said they would switch insurers to access faster digital experiences. Further, 73% said they would choose an insurer that leverages AI to process claims quicker.
“We’ve reached a point where leading companies are placing top priority on adapting and integrating cutting edge technology to differentiate and optimize the customer experience. Those that don’t will face competitive challenges,” Evan Davies, Solera chief technology officer, said in a release. “This survey simply underscores what Solera has known to be true for some time: automated processes have the power to increase customer satisfaction and even customer retention.”
This desire for an automated, AI experience stretches beyond insurers, Solera found. More than three-quarters of consumers would favor a repair shop that provides digital channels to quote, book and track repairs.
Barriers to adoption
Despite consumers’ wishes, the cost to update legacy systems was cited by auto insurers and enterprise body shops/OEMs as the most common reason new technology hasn’t been integrated.
Additionally, larger insurers are reporting speed to market, upskilling staff and scalability of platforms are among the most pressing challenges when attempting to adopt automated AI systems. For repair shops, time to market and the ROI for expensive tech updates are hindrances to AI adoption, Solera reported.
“It is clear that organizations understand how AI can build resilience and improve customer journeys. Finding the right blend of data and technology is the key to optimizing investments to unlock speed, intelligence, and efficiency at scale. Only then can our industry see the highest return on digitization through a faster, more accurate repair claims process,” Davies added.
Related: