Across the industry, the conventional claims process is still far too time-consuming. In the coming year, we can expect more efforts to improve antiquated claims processes to continue, led by the use of artificial intelligence (AI) and computer vision technologies, which can help accelerate assessments and settlements. Credit: Jo Panuwat D/Adobe Stock Across the industry, the conventional claims process is still far too time-consuming. In the coming year, we can expect more efforts to improve antiquated claims processes to continue, led by the use of artificial intelligence (AI) and computer vision technologies, which can help accelerate assessments and settlements. Credit: Jo Panuwat D/Adobe Stock

As we head into 2024, the motor vehicle insurance landscape will continue to evolve under inflation pressures, labor shortages, and escalating vehicle and repair costs. These economic factors, which continue to send ripples throughout the industry, are directly impacting policyholder's premiums. They are also forcing insurers to adjust their pricing models to accommodate increased costs associated with vehicle repair and parts replacement.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Coverage & Policy Issues
Auto
Artificial Intelligence