About Artificial Intelligence (AI) in Insurance
The insurance sector is embracing new technologies to address some of its major customer pain points. Artificial intelligence (AI) can help insurers assess risk, detect fraud and reduce human error in the application process. AI can be used to conduct operations in a faster, cheaper and more accurate way. AI can help automate labor intensive processes, leading to lower costs and saved time. Industry that has been slow to adopt new technologies and adapt to global change.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Artificial Intelligence (AI) in Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Liberty mutual insurance (United States), CCC Intelligent Solutions (United States), Insurify (United States), Clearcover (United States), Bold Penguin (United States), Lemonade insurance (United States), Snapsheet (United States), CAPE Analytics (United States), Hi Marley (United States), Gradient AI (United States), Yembo (United States), Nayya (United States), ZestFinance (United States), Flyreel (United States), INSHUR (United States) and Afiniti (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Insurmi (United States), Nauto (United States), H2O.ai (United States), Allstate (United States), Lapetus Solutions (United States), WorkFusion (United States), Sproutt Insurance (United States), CognitiveScale (United States) and Avaamo (United States).
Segmentation Overview
AMA Research has segmented the market of Global Artificial Intelligence (AI) in Insurance market by , Application (Health Insurance, Automobile Industry, Property Insurance Sector, Life Insurance Claims, Commercial Insurance and Others) and Region.
On the basis of geography, the market of Artificial Intelligence (AI) in Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
If we see Market by , the sub-segment i.e. will boost the Artificial Intelligence (AI) in Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
Increasing Number of Cross-Industry Collaborations and Emphasizing on Technological Advancement in the Insurance Industry
Market Growth Drivers:
Insurance Sector is Embracing New Technologies to Address Some of its Major Customer Pain Points and Increasing Implementing AI into their Processes, Insurers can save time, reduce costs, improve customer experience and increase profitability
Challenges:
‘Skills and talent’ in the field of AI is the main barrier for AI transformation in their business
Restraints:
Insurance companies have been slower to embrace technological change compared to other industries and Stringent Government Regulations Regarding Integration of AI in Insurance
Opportunities:
Growth in Artificial Intelligence in Insurance Industry and Rising New technologies are being Applied in the Insurance Industry
Market Leaders and their expansionary development strategies
On 16th Dec 2021, Zurich Insurance Group has agreed to acquire Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation, to further enhance the Group’s digital capabilities. AlphaChat is one of the most advanced start-ups in conversational AI, with a team of seasoned entrepreneurs and machine learning specialists.
On 1st June 2022, the technology has transformed the personal insurance business through digital upstarts like Esurance, Lemonade and Oscar Health, commercial insurance is far more complicated and had been resistant to change. Until now. One such company changing the commercial insurance industry is Corvus Insurance. Founded in 2017 by insurance veteran and entrepreneur, Phil Edmundson, the Boston-based company positions itself as applying AI techniques and data to provide smarter commercial insurance policies for companies of all sizes.
Key Target Audience
Artificial Intelligence in Insurance Developers, Government/Regulatory Bodies, Potential Investors, New Entrants, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.