Car repair

Confidence in AI-powered auto repair, claims skyrocket – Insurtech Insurance News

Insurance customers are ready for digital options and industry decision makers are optimistic about the goals of AI, although more needs to be done to realize the technology’s value for stakeholders and customers, says Solera, an industry heavyweight.

A Solera survey of decision makers from more than 500 auto insurers, body shops and dealership networks, and 1,500 consumers, across the United States, Europe and Asia-Pacific, found that more than a third of claimants had completed their car claim without speaking to anyone and more than half took images of their vehicle and uploaded them to an insurer’s platform.

Confidence in AI-powered claims and repairs soared to 79%, while 92% of consumers called for digital claims solutions, and AI adoption in the automotive industry grew. quickly accelerated to meet consumer expectations.

” The message is clear. Now more than ever, organizations need to leverage best-in-class technology partnerships to streamline this transition and maximize AI ROI,” said Vice President of Industry Relations Bill Brower.

“Digitization is now an integral and expected part of the claims cycle…for digital convenience, speed and accuracy. It is clear that those who implement advanced technologies like AI will gain in loyalty, efficiency and resilience.

Texas-based Solera, which bought Brisbane-based insurtech ENData last year, found that half of consumers now want fully digital self-service experiences and 43% prefer a hybrid model that combines digital tools and contact human.

More and more consumers are now willing to switch insurance providers to one offering digital claims technology (70%) and almost two-thirds would choose a repairer using AI to minimize the risk of error during repairs. work on their vehicle.

Solera says insurers have seen the highest return on digital transformation projects through improved business resilience (58%), faster decision-making (55%) and increased staff productivity (55%) over the past year, and the use of digital claims technology has grown rapidly.

Although cost is a barrier, Solera says there is a clear path for future AI investment and nearly two-thirds of global auto insurers and 43% of repair shops and automakers are very confident that their AI goals in AI will be achieved over the next year.

Solera claims to serve more than 300,000 global customers and partners in more than 100 countries.