Author(s)

Hongwei Ma ¹

Affiliation(s)

¹ South China University of Technology, Guangzhou, 510641, China

Corresponding Author

Hongwei Ma

ABSTRACT

With the rapid advancement of artificial intelligence (AI) technology, the commercial auto insurance sector is undergoing a technological transformation. This paper aims to explore the application of AI in commercial auto insurance, including risk assessment and pricing, claims automation, customer service and support, and fraud prevention mechanisms. The paper first introduces the basic concepts of AI and its main technological classifications, reviewing the development history of these technologies. It then analyzes the current state of the commercial auto insurance market and its core business processes, explaining how AI enhances the accuracy of risk assessment through big data analysis and predictive models, optimizes claims processes via image recognition and automation systems, improves customer service quality through intelligent customer service systems and personalized recommendations, and prevents insurance fraud through anomaly detection and pattern recognition technologies. Through case studies, the paper summarizes the practical experiences of successful AI applications and the challenges faced, offering insights into future trends and policy recommendations. The research indicates that AI has significant application value and broad prospects in the commercial auto insurance field, but also highlights the need to overcome certain technical and implementation challenges to realize its full potential.

KEYWORDS

Artificial Intelligence; Commercial Auto Insurance; Risk Assessment; Claims Automation

CITE THIS PAPER

Hongwei Ma, Research on the Application of Artificial Intelligence in Commercial Auto Insurance. Journal of Artificial Intelligence Practice (2024) Vol. 7: 74-82. DOI: http://dx.doi.org/10.23977/jaip.2024.070309.

REFERENCES

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[3] Eling, Martin, Davide Nuessle, and Julian Staubli. "The impact of artificial intelligence along the insurance value chain and on the insurability of risks." The Geneva Papers on Risk and Insurance-Issues and Practice 47.2 (2022): 205-241.
[4] Hanafy, Mohamed, and Ruixing Ming. "Machine learning approaches for auto insurance big data." Risks 9.2 (2021): 42. 
[5] Gupta, Ruchi. "Artificial Intelligence (AI) in Insurance: A Futuristic Approach." Shodh Drishti 11.8 (2020): 6-10.
[6] Benedek, Botond, Cristina Ciumas, and Bálint Zsolt Nagy. "Automobile insurance fraud detection in the age of big data–a systematic and comprehensive literature review." Journal of Financial Regulation and Compliance 30.4 (2022): 503-523.

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