AI Voice: The Landscape for Auto Insurers
According to McKinsey’s 2020 research, by 2030, more than half of current claims activities could be replaced by automation. This shift will lead to the elimination of some existing roles, the creation of new digital roles, and the need for people in remaining roles to take on new responsibilities and develop new skills.
More recently, and more importantly, SoundHound AI, a company specializing in voice AI and backed by Sompo Holdings, acquired Amelia, an enterprise AI software company, for $80 million. This acquisition enables SoundHound AI to enter new industries, such as healthcare, insurance, financial services, and retail, expanding its market reach. Combined revenue is projected to exceed $150 million in 2025, with Amelia contributing over $45 million in recurring AI software revenue, along with additional revenue from services and agent-related fees.
With this in mind, here’s an overview of AI voice as it pertains (or may pertain) to the auto insurance claims process.
| Contents | Page |
|---|---|
| Opening | Page 4 |
| AI Voice | Page 5 |
| AI (Insurance) Voice | Page 11 |
| In Practice, in Theory | Page 13 |
| Table 1: Companies Covered | Page 28 |
| Table 2: Insurer-Backed | Page 30 |
| Innovation Among Incumbents | Page 32 |
| References | Page 40 |