Computer vision uses AI to analyze images and videos to identify objects and provide actionable insights. Within the insurance industry, computer vision technology is currently being used to help improve both underwriting and claims processes. Computer vision enables insurers to capture underwriting data more easily and allows for the use of new data that was not traditionally used. It also allows insurers to expedite the claims process by letting AI perform damage assessments using pictures, rather than in-person appraisals. This improves the overall customer experience, as policies can be priced more accurately and efficiently while claims can be settled in a timelier manner.
This report provides an in-depth analysis of the computer vision industry and the different ways computer vision technology is impacting the insurance value chain. It examines the technology’s impact across different lines of business and highlights the key players in the space utilizing computer vision within their operations.
- GlobalData estimates the computer vision market to be worth $28bn in 2030.
- Within the insurance industry, computer vision is being most utilized by motor and property insurers.
- Insurers prefer to partner with computer vision technology providers rather than developing solutions in-house.
Reasons To Buy
- Identify the impacts computer vision will have on the insurance value chain.
- Identify key players in the computer vision industry that are providing insurance solutions.
- Plan for the future to stay ahead of the competition.