Global Artificial Intelligence (AI) in Insurance Market – Industry Trends and Forecast to 2030

Global Artificial Intelligence (AI) in Insurance Market, By Component (Hardware, Software, Services), Technology (Machine Learning and Deep Learning, Natural Language Processing (NLP), Machine Vision, Robotic Automation), Deployment Model (0n-Premises, Cloud), Enterprises Size (Large Enterprises, SMEs Enterprieses), Application (Claims Management, Risk Management and Compliance, Chatbots, Others), Sector (Life Insurance, Health Insurance, Title Insurance, Auto Insurance, Others) – Industry Trends and Forecast to 2030.

Artificial Intelligence (AI) in Insurance Market Analysis and Size

Artificial intelligence (AI) has brought an innovative change in how the insurance sector performed in the last few years. Insurance was generally associated with time-consuming meetings, filing complicated claims, loads of paperwork,, and waiting months for a decision. Artificial intelligence (AI) in insurance has brought in automation that has continuously rebuilt the insurance providers' trust. Moreover, insurance automation such as artificial intelligence (AI) helps lower risks and fraud, encouraging business growth and automating numerous business processes to lessen overall costs.

Data Bridge Market Research analyses that the artificial intelligence (AI) in insurance market was valued at USD 3.64 billion in 2022 and is expected to reach the value of USD 35.77 billion by 2030, at a CAGR of 33.06% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Artificial Intelligence (AI) in Insurance Market Scope and Segmentation

Market Definition

Artificial intelligence (AI) will transfigure the insurance industry. Artificial intelligence (AI) technologies such as machine vision, natural language processing (NLP), machine learning and deep learning and robotic automation have potential to reimagine the overall insurance lifecycle from customer procurement to claims processing.

Artificial Intelligence (AI) in Insurance Market

Drivers

• Increasing usage of artificial intelligence (AI) in chatbots

The artificial intelligence (AI) in the insurance sector has brought a revolutionary change in the level of customer service. Chatbots are the simplest and easiest way to start the process and further distribute the information to the next aligned process without any human interference. This makes the process quick, smooth, and error-free. AI based chatbots can upsell and cross-sell products based on the customer’s history and profile.

• Insurance claims management and investigation

Regulating all the procedures of authorizations, approvals, payment tracking, data capturing, claims creation and recovery tracking through artificial intelligence (AI) can be paired with other applications to reorganize the fraud detection process, thus saving costs and time. Artificial intelligence in insurance claims can decrease processing costs by 50-65%, claims regulation prices by 20 to 30%, and processing time by 50-90% while improving the customer service experience.

Opportunities

• Numerous advantages associated with artificial intelligence (AI)

Artificial intelligence (AI) will increase critical insurance operations such as risk assessment, claims processing, asset management, and prevention. For instance, the image processing function of artificial intelligence (AI) in Insurance may be used to estimate property damage. This same machine may be utilized to make an educated choice on smart system expenditures. Thus, As a result of all these factors, the demand for the artificial intelligence (AI) increase, which will be expected to create immense market growth opportunities.

Restraints

• Issues  associated with artificial intelligence (AI) in insurance

Lack of technical knowledge coupled with increasing concern regarding cybersecurity and data privacy will likely act as major market restraints factor for the market's growth in the above mentioned projected time period. High risks related to security breaches and data leaks will become the biggest challenge for the market growth.

This artificial intelligence (AI) in insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the artificial intelligence (AI) in insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Covid-19 Impact on Global Artificial intelligence (AI) in Insurance Market

The Covid-19 pandemic had a positive impact on the global artificial intelligence (AI) in insurance market, due to imposition of the global lockdown, as a result of this, numerous public, government and other artificial intelligence (AI) insurance organizations adopted work from home culture for their employees. Furthermore, with swift digital transformation, numerous governments introduced stringent regulations such as California Consumer Privacy Act (CCPA) and General Data Protection Regulation (GDPR) to protect end users' data. Therefore, governments in numerous nations have taken strict actions toward the personal information of policyholder, policy limit and coverage damages of COVID-19 regulations, and natural language processing technology. This is helping insurance companies scan their internal policies and claims documents to check their compliance with several regulatory policies. Furthermore, insurance companies are increasing services and product offerings to make them extensively available all over the globe. As a result, there is an increase in number of cloud-based client interaction, remote connection, software-as-a-service (SaaS) and fraud detection solutions during the pandemic. The trend is going to continue post-pandemic as well.

Global Artificial Intelligence (AI) in Insurance Market Scope

The artificial intelligence (AI) in insurance market is segmented on the basis of component, technology, deployment model, enterprises size, application and sector. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Hardware
• Software
• Services

Technology

• Machine Learning and Deep Learning
• Natural Language Processing (NLP)
• Machine Vision
• Robotic Automation

Deployment Model

• 0n-Premises
• Cloud

Enterprises Size

• Large Enterprises
• SMEs Enterprises

 Application

• Claims Management
• Risk Management and Compliance
• Chatbots
• Others

Sector

• Life Insurance
• Health Insurance
• Title Insurance
• Auto Insurance
• Others

Artificial Intelligence (AI) in Insurance Market Regional Analysis/Insights

The artificial intelligence (AI) in insurance market is analyzed and market size insights and trends are provided by country, component, technology, deployment model, enterprises size, application and sector as referenced above.

The countries covered in the artificial intelligence (AI) in insurance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the artificial intelligence (AI) in insurance market in terms of revenue and market share due to the increasing adoption of new technologies to numerous AI solution providers in the region. 

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to the increasing government initiatives supporting digitalization. Moreover, growing investments on advanced technologies such as IoT and AI are raising the demand for AI across the insurance sector which will likely to enhance market growth within this region.

The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.    

Competitive Landscape and Artificial Intelligence (AI) in Insurance Market Share Analysis

The artificial intelligence (AI) in insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to artificial intelligence (AI) in insurance market.

Some of the major players operating in the artificial intelligence (AI) in insurance market are:

• Microsoft (U.S.)
• Infosys Limited (India)
• Tractable Ltd (U.S.)
• Insurify, Inc. (U.S.)
• Slice Insurance Technologies Inc., (U.S.)
• Google (U.S.)
• Oracle (U.S.)
• Amazon Web Services Inc. (U.S.)
• IBM (U.S.)
• Avaamo (U.S.)
• Cape Analytics (U.S.)
• Wipro (India)
• Acko General Insurance (India)
• Shift Technology (France)
• Quantemplate (U.K.)
• Zurich (Switzerland)
• Lemonade Insurance Agency, LLC  (U.S.)