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.
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