Revenue forecast

The revenue estimate for the base year 2023 is $84.2million, with a CAGR of 47.0% for the study period 2023–2030

The Impact of the Top 3 Strategic Imperatives on the FNOL and ADR Industry

Disruptive technologies

• Why: Technology catalyzes innovative insurance models. The industry focuses on safety technologies, emphasizing accident prevention and faster claim processing. Advanced technologies enable insurance providers to receive immediate notifications of incidents through digital channels. As a result, the FNOL process becomes swifter and streamlined.
• Frost Perspective: Digitized accident reporting expedites the claims process and facilitates real-time data and intelligence collection. This information empowers insurers to make more informed decisions, improving risk assessment and enabling customized insurance policies based on individual user behavior. Integrating technology into FNOL and digital accident reporting will increase operational efficiency and drive the industry's transformation toward data-driven claim processing, faster auto damage repairs, and personalized insurance models.

Transformative Megatrends

• Why: CASE mobility comprises sensors and communication technologies that instantly detect and report accidents or damages. CASE mobility enables the collecting of extensive data on driving behavior, patterns, and sensors. This data could help prevent accidents and enhance safety, for example. This technology's wide range of data, safety, and connected features facilitate immediate incident detection, data precision, and streamlined communication.
• Frost Perspective: Connected systems allow seamless communication between stakeholders, including drivers, insurance companies, law enforcement, and repair services. This will accelerate the ADR process, from incident reporting to claims settlement and vehicle repairs. Insurance premiums can directly link to individual driving behavior. FNOL and ADR processes are crucial in gathering the required data for such models. Insurers can access real-time data to verify an incident's circumstances.

Industry Convergence

• Why: FNOL and ADR processes’ increased reliance on data raises data privacy and security concerns. The industry must address challenges of data governance, consent, and protection to ensure the responsible and ethical use of driver-related information before adopting this technology.
• Frost Perspective: Insurance companies must collaborate with software development and cybersecurity firms or enhance their in-house software capabilities to ensure secure and compliant data collection and utilization per government regulations. Many countries have begun developing regulatory frameworks for data collection, cybersecurity, and privacy that will help the insurance industry evolve.

Scope of Analysis

• FNOL and ADR refer to the automated first notice of loss reports that insurers receive and the process of digitally detecting accidents.
• The analysis provides an overview of FNOL and ADR services in the European and North American automotive insurance sector and their related technological advancements.
• Frost & Sullivan also presents the market penetration of FNOL and ADR services in these regions and market evaluations.
• This study emphasizes the main market players and factors such as their product offerings and technological standpoints.

Questions This Study Will Answer:

• What is FNOL and ADR? What is the supply chain structure for FNOL and ADR technology?
• What are the primary drivers and restraints of FNOL and ADR Market?
• How will FNOL and ADR Market grow? Who are the technology players?
• How do Europe and North America’s FNOL and ADR market sizes differ? Which region will see maximum growth?
• What are the growth avenues for FNOL and ADR Market in Europe and North America until 2030? How will they help important stakeholders in the automotive insurance industry?

Market Segmentation

Automotive General Insurance

• Usage-based Insurance
• Services
  • FNOL
  • FNOL in this report refers to automated FNOL reporting, which is the digital and automated use of technology without the need for human intervention.
  • ADR
  • Accident detection here refers to the process of digitally detecting accident in real-time using technology.
  • This report covers the FNOL and ADR Market in the automotive insurance industry.

• Claims Management Solutions

Competitive Environment

Key Competitors

• AXA
• Allianz SE
• State Farm
• Government Employees Insurance Company (GEICO)
• Progressive Corporation
• Generali Group
• Tokio Marine Holdings
• Liberty Mutual Insurance
• Seguros SURA
• Aviva
• Zurich Insurance Group
• Octo Telematics
• Targa Telematics
• Cambridge Mobile Telematics
• IMS
• Zen Drive
• Sfara
• Nexar
• DriveQuant
• LexisNexis Risk Solutions
• Verisk Analytics
• Wejo
• Tractable.ai
• Insurity
• Mitchell International
• Solera Holdings
• CCC Intelligent Solutions (CCC)
• IBM
• Claim Genius
• High Mobility