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The Oracle of Omaha this month was indicated that neural networks poses a threat to Berkshire Hathaway's auto insurance business. Telling at the company's annual rally, Berkshire CEO Warren Buffett said the use of AI in self-driving automobiles will represent fewer drivers and fewer patrons for the company's Geico insurance commodities .
Turns out Buffett may have spoken too soon. According to a brand-new report from Accenture, the overall auto guarantee will actually grow in the future, establishing $81 billion in brand-new revenue between 2020 and 2025.
The report, published under Thursday, was explained that self-driving vehicles will lead to a big drop in individual insurance premiums. But that decline will be more than compensated for by brand-new all types of automobile guarantee, especially ones related to cybersecurity, which Accenture announces will be worth $12 billion in 2025.
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The report too points to new opportunities in make liability coverage related to autonomous vehicles( predicted price of $2.5 billion) and a smaller opportunity ($ 0.5 billion) in the form of insuring infrastructure like gloom estimating that will be needed to run sails of driverless cars .
Here is a graph that shows how Accenture concludes the brand-new produces will, for a go, buoy the automobile policy busines even as marketings conventional fees begin to stalling and wane :
According to John Cusano, the world head of insurance for Accenture, countless vehicle assurance asserts in the future will differ than ones we see today. For speciman, insurers will have to pay out for happens such as faulty AI makes or a intruder embezzling personal data from a vehicle. Cusano adds that the new opportunities are significant but not every insurance company is equally positioned to take advantage of them .
" Obviously, the ones who will be most invited will be those on the retail surface of the business since the brand-new jeopardies are on the commercial area. Retail insurers will have to transform their business along the way ," he tells Fortune .
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This shows the likes of Geico will indeed face pres but that they still have time to adapt and grab a share of the commercial-grade busines. And in the short term, Cusano answers the growth of autonomous vehicle technology will actually bolster retail insurers. That's because cars now come with more expensive AI-related technology, like cameras and sensors, which see the costs of restoring a fender bender much higher than it used to be.A final wild card in auto coverage business of the future is the potential entry into the business of makes. Cusano mentions Tesla's small attacks into the insurance markets could expand. Meanwhile, Google is expending its fleet of self-driving a motor vehicle is amass big troves of risk-related data, which could made the search giant in a position to join other brand-new entrants as a fierce challenger in the insurance marketplace .Thanks for read this article
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