Industry Background:
The use of AI has increased exponentially across all industries over the past several years. The rise inaccessible data increased computing capabilities, and changing consumer expectations has led to a strong acceleration of AI development. The wealth of data we now create is astonishing, and the speed at which data is generated has only made data management tools like AI even more important. AI has the potential to affect the insurance industry in multiple ways. It is currently being used in claims processing, underwriting, fraud detection, and customer service. AI enables car insurance companies to efficiently offer services to its customers that are looking for faster payouts, faster services, and customized policy prices.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Microsoft Corporation (United States), IBM Corporation (United States), Amazon Web Services Inc. (United States), Avaamo Inc (United States), Wipro Limited (India), Cape Analytics LLC (United States), ZhongAn (China), Shift Technology (France), Acko General Insurance (India) and BIMA (United Kingdom |
This growth is primarily driven by High Adoption due to AI Interfaces Allow Better Customer Onboarding and Behavioral Premium Pricing.
Globally, a noticeable market trend is evident AI Settles Claims Faster While Decreasing Fraud
The Business Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Microsoft Corporation (United States), IBM Corporation (United States), Amazon Web Services Inc. (United States), Avaamo Inc (United States), Wipro Limited (India), Cape Analytics LLC (United States), ZhongAn (China), Shift Technology (France), Acko General Insurance (India) and BIMA (United Kingdom, etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. AI in Insurance market companies operating in these industries is focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Key Developments in the Market:
On 12th March 2020, Swiss Re and Microsoft Corp. announced today a strategic alliance to further advance insurance innovation and extend financial protection to more people globally. The centerpiece of the strategic alliance is the launch of Swiss Re’s Digital Market Center, which will help develop next-generation large-scale tools to transform the way the insurance industry predicts and manages risks, as well as how the industry creates tangible products based on Swiss Re’s risk knowledge.
On 11th June 2019, IBM has announced the first recipients and list of global women leaders and pioneers in AI for business. The list recognizes and celebrates women across a variety of industries and geographies for pioneering the use of AI to advance their companies in areas such as innovation, growth, and transformation.
Influencing Trend:
AI Settles Claims Faster While Decreasing Fraud and Rising Demand for Automobile Sector
Market Growth Drivers:
High Adoption due to AI Interfaces Allow Better Customer Onboarding and Behavioral Premium Pricing
Restraints:
The Rising Data Privacy Concerns
Opportunities:
Technological Innovations associated with Artificial Intelligence in Insurance
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in AI in Insurance Market
- Analysis about New Entrants in AI in Insurance Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, AI in Insurance Study Sheds Light on
The AI in Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the AI in Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where AI in Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.