CerebrumX, a leading AI-driven automotive data management company, announced results of a recent industry survey designed to take the pulse of insurance and fleet business leaders who have either begun to utilize Artificial Intelligence (AI) technologies, or those who are deciding the right time to adopt the technology for their businesses.
CerebrumX presented an online survey to more than 2,000 insurance and fleet professionals during the week of June 5-9, 2023. According to the survey results, only 29% of respondents said they are currently leveraging AI tools for their insurance portfolios. Approximately 71% of respondents said they are either not currently using AI, or they are unsure if their operations are leveraging these advanced analytics resources.
Continued Barriers to Adoption
Many executives say there remain a handful of barriers to AI adoption. Most respondents (34%) said it is difficult getting all members of the team onboard with adoption and usage strategies. Another 33% said it is difficult getting C-Level executives to agree on usage, while 29% pointed to budget constraints in adopting AI.
In terms of challenges insurance companies are facing when onboarding new drivers, more than half (51%) pointed to difficulties obtaining historical driver behavior data, followed by 38% saying access to real-time collision and accident data. Alarmingly, 38% said they are still relying on a manual review process for driving performance and claims data.
Challenges in Growing Usage-based Insurance
Many within the insurance industry say usage-based insurance (UBI) pricing programs are a growing trend, but the survey revealed that only slightly more than a quarter of respondents (28%) are leveraging these programs. Thirty-six percent of respondents said properly analyzing data remains a challenge in building a UBI program, followed by 28% who said it’s a challenge to obtain data from disparate sources.
“We believe this data tells us there is more education needed for the insurance industry in helping them understand how to leverage the right platforms to access and analyze the data needed for today’s AI-powered insurance programs,” said Sandip Ranjhan, CEO of CerebrumX. “It is important for insurance and fleet executives to ensure they have access to advanced platforms and technology that help collect data from disparate sources, including OEM and maintenance partners, to develop effective usage-based insurance programs that can benefit drivers.”
For more information on the survey results, click here.
