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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. Communicating at the company's annual cros, Berkshire CEO Warren Buffett said the use of AI in self-driving cars will represent fewer motorists and fewer customers for the company's Geico insurance products .

Turns out Buffett may have spoken too soon. According to a brand-new report from Accenture, the overall vehicle policy will actually grow in the future, forming $81 billion in brand-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 fell will be more than offset by new categories of vehicle guarantee, especially ones related to cybersecurity, which Accenture adds will be worth $12 billion in 2025.

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The report too points to new opportunities in produce drawback coverage related to autonomous vehicles( prophesied appraise of $2.5 billion) and a smaller opportunity ($ 0.5 billion) in accordance with the arrangements of insuring infrastructure like vapour estimating that will be needed to run sails of driverless cars .

Here is a planned that shows how Accenture imagines the brand-new products will, for a duration, buoy the auto guarantee sell even as marketings conventional premiums begin to stalling and descend :

According to John Cusano, the world head of insurance for Accenture, countless auto insurance claims in the future will be different than ones we see today. For instance, insurers will have to pay out for incidents such as faulty AI produces or a hacker embezzling personal data from a vehicle. Cusano adds that the new opportunities are significant but not every insurance company is evenly positioned to take advantage of them .

" Obviously, the ones who will be most provoked is likely to be those on the retail line-up of the business since the brand-new hazards are on the commercial place. 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 push but that they still have time to adapt and grab a share of the business grocery. And in the short term, Cusano pronounces the growth of autonomous vehicle engineering will actually bolster retail insurers. That's because autoes now come with more expensive AI-related technology, like cameras and sensors, which make the cost of restoring a fender bender much higher than it used to be.A final wild card in auto guarantee business of the future is the potential entry into the business of producers. Cusano responds Tesla's small attacks into the insurance business could expand. Meanwhile, Google is squandering its sail of self-driving a motor vehicle is amass gigantic troves of risk-related data, who were able to articulated the search beings in a position to join other new entrants as a vehement challenger in the insurance market .Thanks for read this article

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