Market Scenario:

AI in Insurance Market Size was valued at USD 3.1 billion in 2021. The AI in Insurance market industry is projected to grow from USD 4.2 billion in 2022 to USD 40.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 32.6% during the forecast period (2022 - 2030). Growing need to automate the operational process and exponential growth of the insurance industry across the globe are driving the growth of the market.

Artificial Intelligence is affecting every step of the insurance value chain. AI technologies like machine vision, machine learning and deep learning, natural language processing (NLP), and robotic automation can re-imagine the entire insurance lifecycle from customer acquisition to claims processing. Adopting AI allows insurance companies to stay competitive on the market, drive operational excellence, and boost growth.

 Machine learning and deep learning algorithms help drive smart, automated applications like healthcare diagnosis, predictive maintenance, customer service, self-driving cars, automated data centers, and smart homes. The rising need to offer personalized insurance services and automate the operational process are factors propelling the growth of Artificial Intelligence in Insurance industry around the globe.

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AI technologies are capable of managing vast quantities of customer and enterprise data and different tasks more efficiently and reliably compared to humans, enabling insurance professionals to concentrate more on challenging and high-value activities. AI is becoming an expert at recognizing faces or images and spoken language with the aid of technologies like NLP and computer vision that give intuitive experience. In addition, the increasing acceptance of IoT technology is also expected to fuel market growth. Growing volume and speed of data generation with the adoption of IoT is anticipated to push the need to automate the process of generating actionable insights using advanced machine learning and deep learning algorithms.

Nevertheless, the lack of technical expertise related to complex AI algorithms is hindering market development. The industry is looking for opportunities for advances in machine learning and deep learning algorithms. Whereas the risks associated with data leakage and cybersecurity breaches are significant challenges facing the industry.

Interactive insurance chatbots, insurance analytics, customized claims settlements, behavioral premium pricing, fraud, and risk management are various AI cases in the insurance industry. Adoption of UAVs and smart devices for extreme surveillance are the prevailing trends in the market. The insurance industry is expected to be mainly impacted by technologies such as blockchains and big data analytics.

Competitive Outlook:

MRFR has considered Microsoft Corporation (US), Amazon Web Services Inc. (US), IBM Corporation (US), Avaamo Inc (US), Cape Analytics LLC (US), Wipro Limited (India), ZhongAn (China), Acko General Insurance (India), Shift Technology (France), BIMA (UK), Quantemplate (US), Zurich Insurance Group (Switzerland), Lemonade (US), Trov (Japan), and Slice (US) as some of the key players in the Global AI in Insurance Market.

Insurify (US), Insurmi (US), PolicyPal (Singapore), Planck Re (US), and Tractable (UK) are some of the other players in the market.

Segmentation:

The segmental review of the AI in the insurance market has been carried out on the basis of application, technology, deployment, component, and sector. Based on the technology, the AI in the insurance market has been segmented into natural language processing (NLP), machine vision, machine learning, robotic automation, and deep learning. On the basis of component, the AI in the insurance market has been segmented into software, hardware, and services. Based on the deployments, the AI in the insurance market has been segmented into on-premise and on-cloud. The application-based segmentation of the AI in the insurance market includes personalized recommendation, risk management, and compliance, claims processing, chatbots, and others. By the sector, the AI in the insurance market has been segmented into health insurance, life insurance, title insurance, auto insurance, and others.

Regional Analysis:

The geographic analysis of AI in insurance market has been done for North America (the US, Canada, and Mexico), Europe (Germany, the UK, France, Spain, Norway, Benelux, and Italy), Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines), Middle East and Africa (Saudi Arabia, Israel, Turkey, and South Africa) and South America (Brazil, Peru, Chile, and Argentina).

North America is currently dominating the global AI in the insurance market. The US followed by Canada is currently leading the market as the country has been the earliest adopter of advanced technologies. Additionally, well-established network infrastructure, developed economy, and development activities of advanced technologies such as AI and IoT are driving the growth of the market in the US. Furthermore, the region houses the majority of the key players who are focused on developing AI platforms for insurance providers to help them in offering personalized services and fraud and risk management which is also contributing to the growth of AI in the insurance market in the region.

Europe holds a considerable share in the global AI in the insurance market. Increasing the adoption of digital technologies across the insurance industry to enhance the operational processes and growth in the insurance industry across major European countries such as the UK, Germany, and France is expected to increase the demand for AI in insurance processes. However, lack of compliance with stringent government regulations such as GDPR is expected to hamper the market growth.

Asia-Pacific region is projected to grow at the fastest CAGR in the global AI in the insurance market. Government initiatives supporting digitization, rising adoption of advanced technologies such as AI, IoT, analytics, and cloud is expected to drive the market growth. Furthermore, the Asia-Pacific is the second-largest region following North America in the insurance market share and has a huge number of startups developing AI solutions for insurance companies which further drives the market growth.

The Middle East and Africa and South America are expected to grow at a steady pace in the AI in the insurance market. Growing demand across insurance companies in the region to automate the claims management process and enhance fraud and risk management to enhance the operational process, and rising adoption of AI solutions to improve customer engagement, customer satisfaction ratio, and customer experience is expected by offering personalized recommendation and chatbots is expected to increase the demand for AI in insurance.

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Table of Contents:

1          Executive Summary

2          Scope of the Report

2.1       Market Definition

2.2       Scope of the Study

2.2.1    Research objectives

2.2.2    Assumptions & Limitations

2.3       Markets Structure

Continued….

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