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The Oracle of Omaha this month warned that artificial intelligence constituted a threat to Berkshire Hathaway's auto insurance business. Addressing at the company's annual gather, Berkshire CEO Warren Buffett said the use of AI in self-driving cars will entail fewer drivers and fewer purchasers for the company's Geico insurance commodities .
Turns out Buffett may have spoken too soon. Harmonizing to a new report from Accenture, the overall automobile assurance will actually grow in the future, generating $81 billion in new revenue between 2020 and 2025.
The report, published on Thursday, explains that self-driving cars will lead to a big drop in individual insurance premiums. But that discontinue will be more than offset by new all types of auto policy, especially ones related to cybersecurity, which Accenture pronounces will be worth $12 billion in 2025.
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The report likewise points to new opportunities in concoction liability coverage related to autonomous vehicles( prophesied quality of $2.5 billion) and a smaller opening ($ 0.5 billion) in accordance with the arrangements of insuring infrastructure like vapour estimating that will be needed to run fleets of driverless gondolas .
Here is a planned that shows how Accenture feels the brand-new makes will, for a occasion, buoy the automobile assurance sell even as marketings conventional payments begin to stall and slump :
According to John Cusano, the world head of insurance for Accenture, countless auto guarantee affirms in the future will be different than ones we see today. For speciman, insurers will have to pay out for occurrences such as flawed AI produces or a hacker plagiarizing personal data from a vehicle. Cusano adds that the new opportunities are significant but not every insurance company is similarly positioned to take advantage of them .
" Obviously, the ones who will be most defied is likely to be those on the retail surface of the business since the new risks are on the commercial-grade surface. Retail insurers will have to transform their business along the way ," he tells Fortune .
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This indicates the likes of Geico will indeed face pres but that they still have time to adapt and grab a share of the business market. And in the short term, Cusano speaks the growth of autonomous vehicle engineering will actually bolster retail insurers. That's because gondolas now come with most expensive AI-related technology, like cameras and sensors, which realize the cost of amending a fender bender much higher than it used to be.A final wild card in automobile assurance groceries of the future is the potential entry into the business of producers. Cusano suggests Tesla's small attacks into the insurance groceries could expand. Meanwhile, Google is exercising its fleet of self-driving vehicles to amass gargantuan troves of risk-related data, which could leant the search giant in a position to join other brand-new entrants as a raging challenger in the insurance grocery .Thank you for read this news
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Now you read article of auto insurance auto insurance auto insurance auto insurance auto with link https://autoinsuranceincdc.blogspot.com/2017/06/auto-insurance-auto-insurance-auto_14.html