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Title : Car Insurance Stock Photo Image: 58329739
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Car Insurance Stock Photo Image: 58329739

The Oracle of Omaha this month warned that neural networks poses a threat to Berkshire Hathaway's auto insurance business. Voicing at the company's annual gather, Berkshire CEO Warren Buffett said the use of AI in self-driving cars will necessitate fewer motorists and fewer clients 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 coverage will actually grow in the future, developing $81 billion in new revenue between 2020 and 2025.

The report, published under Thursday, explains that self-driving vehicles will lead to a big drop in individual insurance premiums. But that sag will be more than offset by new all types of auto insurance, 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 commodity liability policy related to autonomous vehicles( predicted cost of $2.5 billion) and a smaller opportunity ($ 0.5 billion) in the form of insuring infrastructure like gloom calculating that will be needed to run fleets of driverless automobiles .

Here is a graph that shows how Accenture imagines the brand-new makes will, for a period, buoy the automobile insurance busines even as auctions conventional payments begin to stalling and recession :

According to John Cusano, the global head of insurance for Accenture, numerous automobile assurance declarations in the future will differ than ones we see today. For instance, insurers will have to pay out for occurrences such as faulty AI concoctions or a intruder plagiarizing 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 requested is likely to be those on the retail slope of the business since the brand-new hazards are on the business slope. Retail insurers will have to transform their business along the way ," he tells Fortune .

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This advocates the likes of Geico will indeed face persuade but that they still have time to adapt and grab a share of the business busines. And in the short term, Cusano responds 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 impel the cost of amending a fender bender much higher than it used to be.A final wild card in auto assurance business of the future is the potential entry into the business of producers. Cusano supposes Tesla's small forays into the insurance marketplaces could expand. Meanwhile, Google is utilizing its sail of self-driving vehicles to amass vast troves of risk-related data, who were able to introduced the search monstrous in a position to join other brand-new entrants as a fierce contestant in the insurance marketplace .Thanks for read this article

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