Forecast Period 
Market Size (Base Year) 
Market Size (Forecast Year)
CAGRGlobal Artificial Intelligence (AI) Insurtech Market, By Component (Hardware, Software, Services), Technology (Machine Learning and Deep Learning, Natural Language Processing (NLP), Machine Vision, Robotic Automation), Deployment Model (On-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) - Industry Trends and Forecast to 2030.
Artificial Intelligence (AI) Insurtech Market Analysis and Size
The rising use of AI in the insuretech sector, particular for automated underwriting and claims processing, is changing the way insurance operations are handled. AI powered algorithms and machine learning models can promptly and correctly analyse risk profiles, allowing insurers to make more informed underwriting decisions. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
Data Bridge Market Research analyses that the global artificial intelligence (AI) insurtech market which was USD 3,640 million in 2022, is expected to reach USD 35,770 million by 2030, and is expected to undergo a CAGR of 33.06% during the forecast period of 2023 to 2030. “Hardware” segment dominates the component segment of the Global artificial intelligence (AI) insurtech market, as hardware allows the efficient execution of AI applications for tasks such as underwriting, claims processing and risk assessment in the insuretech sector, where data security and processing speed are crucial . 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) Insurtech Market Scope and Segmentation
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Report Metric |
Details |
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Forecast Period |
2023 to 2030 |
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Base Year |
2022 |
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Historic Years |
2021 |
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Quantitative Units |
Revenue in USD Million, Volumes in Units, Pricing in USD |
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Segments Covered |
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 Enterprises), Application (Claims Management, Risk Management and Compliance, Chatbots, Others), Sector (Life Insurance, Health Insurance, Title Insurance, Auto Insurance, Others) |
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Countries Covered |
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E., Israel, Egypt, and Rest of Middle East and Africa |
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Market Players Covered |
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.) |
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Market Opportunities |
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Market Definition
Artifical intelligence (AI) in insuretech market is dynamic industrial segment in which novel technologies, particularly artificial intelligence (AI) are used to revolutionize and optimize many parts of the insurance industry. This involves the use of AI in client interactions, underwriting, claims processing and risk assessment.
Global Artificial Intelligence (AI) Insurtech Market Dynamics
Drivers
- Faster Claims Processing in the Insurtech Business
AI technology has pushed automation to the forefront of claims processing procedures. Routine processes such as document verification and data entry are now automated, which reduces the time and manual effort required to handle the claims. It can detect potential cases of fraud or strange patterns in filings, allowing insurers to act quickly.
- Enhancement in Underwriting in the worldwide AI Insurtech Market
The insurers today have access to massive volumes of data and AI plays a crucial role in thoroughly analysing the data. AI algorithm examine numerous risk indicators involved with the insuring persons or companies, ranging from historical insurance data to financial records and health information using advanced data analysis.
Opportunities
- Enhancement in Customer Experience
AI-powered chatbots and virtual assistants can improve customer interactions by delivering quick support and answers to questions. Personalized product recommendations and pricing based on individual risk profiles can improve customer satisfaction. AI-assisted claims processing can speed up settlements, resulting to increased client loyalty.
Restraints/Challenges
- Rising in Concern about Data Privacy and Security
AI in insurtech is primarily reliant on gathering and analyzing massive volumes of sensitive customer data. Regulations such as GDPR and comparable legislation around the world put rigorous limits on how personal data can be handled and maintained.
- Encountering Problems with Data Quality and Availability
Data that is inaccurate or incomplete can lead to inaccurate prediction and risk assessments, Gaining access to essential data sources, particularly real time data, might be problematic. To properly exploit AI capabilities, insurtech companies must overcome data quality challenges and develop dependable data sources.
This global artificial intelligence (AI) insurtech market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the 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 global artificial intelligence (AI) insurtech market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Developments
- In April 2023, Slice Labs Inc. partnered with Philadelphia Insurance Companies (PHLY) released a new digital small company product with an A.M. The companies have launched small business general liability in the United States. Slice's existing artisan contractors general liability (GL) product would be supplemented by the new product. That small business insurance product was available to agents through a network of over 200,000 agents via some of the major digital wholesalers and MGAs. That helped the companies to meet the needs and demand of their growing distribution base, and to provide agents with a 100% digital experience
- In March 2023, Insurify, Inc acquired Inspop USA, LLC. That strategic acquisition combined two leading online insurance shopping platforms under one larger scale entity, combining Insurify's cutting edge AI-powered technology, expert advice, and organic marketing expertise with Compare.com's robust consumer choice and long-established insurance experience. That combination enabled Insurify to utilize the benefits of the respective brands, platforms, and operations in order to efficiently deliver next-generation solutions to consumers and carrier partners. Insurify would keep the Compare.com brand
Global Artificial Intelligence (AI) Insurtech Market Scope
The global artificial intelligence (AI) insurtech market is segmented on the basis of component, technology, deployment model, enterprises size, application and sector. The growth amongst these segments will help you analyse 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
Global Artificial Intelligence (AI) Insurtech Market Region Analysis/Insights
The global artificial intelligence (AI) insurtech market is analysed and market size insights and trends are provided by country, offering, deployment model, technology, enterprise size, application, end user as referenced above.
The countries covered in the global artificial intelligence (AI) insurtech market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, and Rest of Middle East and Africa.
North America dominates the artificial intelligence (AI) insurtech market due to the increasing adoption of new technologies to numerous AI solution providers in the region. Asia-Pacific is expected to be the fastest growing region 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 region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream 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 the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.
Competitive Landscape and Global Artificial Intelligence (AI) Insurtech Market Share Analysis
The global artificial intelligence (AI) insurtech 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 global artificial intelligence (AI) insurtech market.
Some of the major players operating in the global artificial intelligence (AI) insurtech 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.)
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