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Car Insurance Aggregators Market 2024-2033 - Size, Growth, Key Players & Forecast Analysis
Car Insurance Aggregators Market
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According to The Business Research Company's, The car insurance aggregators market size has grown rapidly in recent years. It will grow from $4.19 billion in 2023 to $4.87 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to rising vehicle ownership, increased internet penetration, growing awareness of insurance benefits, increased disposable income, and a and a rise in urbanization.
The car insurance aggregators market size is expected to see rapid growth in the next few years. It will grow to $7.72 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to increasing electric vehicle sales, growing usage of telematics, enhanced customer experience, a rise in smart city initiatives, and government incentives for insurance. Major trends in the forecast period include usage-based insurance models, blockchain for data security, advancements in AI and machine learning, increasing partnerships with automakers, and integration with smart devices.
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Market Drivers and Trends:
The rising car sales is expected to propel the growth of the car insurance aggregator market going forward. Car sales refer to the total number of vehicles sold within a specific period in a particular market. The rise in car sales is attributed to increasing consumer demand, economic growth, technological advancements, attractive financing options, and government incentives. Car insurance aggregators contribute to the rise in car sales by simplifying the insurance purchasing process, offering competitive pricing, and providing consumers with more confidence in their vehicle purchases. For instance, in April 2024, according to the data shared by the International Energy Agency, a France-based autonomous organization, nearly 14 million new electric cars were registered globally in 2023, bringing the total to 40 million and representing a 35% year-on-year increase with 3.5 million more sales than in 2022, closely tracking the 2023 Global EV Outlook forecast. Therefore, the rising car sales is driving the growth of the car insurance aggregator market.
Major companies operating in the car insurance aggregator market are focusing on innovative products, such as next-generation AI-based solutions, to streamline the insurance comparison and purchasing process and to provide personalized recommendations, improve customer experience, and enhance decision-making accuracy. Next-generation AI-based solutions refer to advanced artificial intelligence (AI) technologies designed to enhance automation, accuracy, and efficiency in the insurance claims process. For instance, in March 2024, Clearcover Insurance Company, a US-based auto insurance company, launched a revolutionary generative AI solution. The offering is aimed at further digitizing statement collection to significantly streamline the insurance claims process and enhance the customer experience. This solution to improve customer experience is significant for the car insurance aggregator market as it showcases how advanced AI solutions can enhance the digital customer experience, streamline claims management, and raise the bar for innovation in the aggregator space.
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Major Key Players of the Market:
United India Insurance Co. Ltd., Reliance General Insurance, Direct Line Group, ICICI Lombard, IFFCO Tokio General Insurance Co. Ltd., Universal Sompo General Insurance Co. Ltd., Future Generali India Insurance Company Ltd., Nerdwallet, Go Digit General Insurance Ltd., Royal Sundaram General Insurance Co. Limited, Root Insurance Company, Turtlemint, Bajaj Allianz General Insurance, Chill Insurance, Cholamandalam MS General Insurance Co. Ltd., Gabi Personal Insurance Agency Inc., Insurify Inc., The Oriental Insurance Company Ltd., Comparepolicy.com, HDFC ERGO General Insurance, A-Plan Group, TATA AIG General Insurance Company Limited
Car Insurance Aggregators Market 2024 Key Insights:
• The car insurance aggregators market size is expected to see rapid growth in the next few years. It will grow to $7.72 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.
• Car Sales Increase Drives Growth In The Car Insurance Aggregator Market
• Innovative AI Solutions Enhance Efficiency And Customer Experience In Car Insurance
• North America was the largest region in the car insurance aggregator market in 2023
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