Auto Insurance Market Forecast And Segmentation Report To 2022 : Radiant Insights,Inc

Auto insurance is a special insurance policy for cars, motorcycles, trucks and other automobiles. An auto insurance policy covers any monetary risks that can come up while driving a vehicle, for example, physical damage to the vehicle. In simple words, an insurance company covers any losses caused by damages, accidents, theft, or other mishaps that are covered under the insurance policy.

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Smartphone-driven Policy Recommendations

A startup called Root Insurance Co. has developed an innovative smartphone app that tracks driving habits of users and accordingly offers insurance policy. Cost of this policy depends on how carefully and safe the user drives. The app requires the user to fill out some details, such as age and other personal data. Once it is updated, the app will track driving habits of the user regarding speed and turns. After a few days, the user can receive suitable insurance recommendations based on the tracked data.

Mobile Auto Claims

Another startup, Snapsheet, has come up with an innovative app “Snapsheet” wherein they offer  completely mobile based claim solutions. This allows the users to settle their claims virtually! This Chicago-based company optimizes virtual claims operations for insurance carrier using proprietary technology. Users can send photographs of vehicle damage to the company using this app. After receiving the photos, the company settles the claim.

Market Insights

As per a new report available on Radiant Insights, Inc.; the global auto insurance market is projected gain steady traction over the forecast period (from 2017 to 2022). Government mandates for vehicle vehicles insurance at the time of purchase may drive the global market in the near future.

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Market Players

Some of the key companies operating in the worldwide market include New Jersey Manufacturers Insurance Company (NJM); USAA Property and Casualty Insurance Group; Erie Insurance Group; Amica Mutual Insurance Company; and Ameriprise Financial, Inc. Most market participant focus on offering all-inclusive coverage for insured vehicle owners to retain their market position.

About Radiant Insights,Inc

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