Market Trends of Europe Car Insurance Industry
Increase In Online Sales Car Insurance
The transition to digital platforms has become common for most car insurance markets because business models and strategies are changing quickly. Insurance companies are exploreing various distribution channels as it is essential for the insurance company. In developed economies like Europe, most people prefer to buy car insurance online by phone or any other gadget. Due to the Internet penetration rate and the development of online technology, online car insurance sales have become popular in Europe.
Technological Advancements in United Kingdom Car Insurance Market
The technological transformation experienced by the customers in the car insurance sector is the introduction of AI, which helped in claim settlement. Claim settlement is an important step for the car insurance company because it is the way where insurance companies compensate policyholders for damages or losses covered by the car insurance policies. AI can also be used to assess damage to the car, identify fraudulent claims, and track the status of a claim. The driving history of claimants and also circumstances of accidents can be detected with the help of AI. Therefore, technological advancements boost the car insurance market.
